News
2024 Special Assessment
Posted on Feb 7th, 2024
Dear Neighbors,
The Plantation Park Homeowners Association is imposing a special assessment collection in the amount of $72. This will be due by April 1, 2024. A $10 late fee will be added starting May 1, 2024, and will continue accruing for every month overdue.
Why are we imposing a special assessment? In early 2023, the developer transferred the association over to the community and left us in a challenging financial situation with inadequate funds. The annual dues in effect at the time of the transfer were also not nearly enough to keep up with the association’s expenses.
Despite having no amenities, the HOA is still responsible for 7.04 acres of common area, which require insurance and routine maintenance. The HOA can only increase the annual dues by 20% each year, and the current annual dues alone still fall short of covering even these costs, not to mention various other essential expenses. For a comprehensive breakdown of our financial obligations, please refer to the annual budget available on Apex’s portal.
In situations like this, the HOA is, however, allowed to impose a special assessment up to 100% of the annual dues once per year, and this should be enough to cover the essential expenses for this year.
Your prompt attention to this matter is greatly appreciated, and we thank you for your understanding as we work collectively to fortify the financial foundation of our community.
Your Board of Directors,
James Whalen
Sevim Whitaker
Theresa Davis
The Plantation Park Homeowners Association is imposing a special assessment collection in the amount of $72. This will be due by April 1, 2024. A $10 late fee will be added starting May 1, 2024, and will continue accruing for every month overdue.
Why are we imposing a special assessment? In early 2023, the developer transferred the association over to the community and left us in a challenging financial situation with inadequate funds. The annual dues in effect at the time of the transfer were also not nearly enough to keep up with the association’s expenses.
Despite having no amenities, the HOA is still responsible for 7.04 acres of common area, which require insurance and routine maintenance. The HOA can only increase the annual dues by 20% each year, and the current annual dues alone still fall short of covering even these costs, not to mention various other essential expenses. For a comprehensive breakdown of our financial obligations, please refer to the annual budget available on Apex’s portal.
In situations like this, the HOA is, however, allowed to impose a special assessment up to 100% of the annual dues once per year, and this should be enough to cover the essential expenses for this year.
Your prompt attention to this matter is greatly appreciated, and we thank you for your understanding as we work collectively to fortify the financial foundation of our community.
Your Board of Directors,
James Whalen
Sevim Whitaker
Theresa Davis