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2025 Regular Assessment Adjustment and Insurance Assessment
Published: December 09, 2024
The Board of Directors, in an open meeting held on December 4, 2024, reviewed all budgeted expenses, and it was deemed necessary to adjust each unit type assessment. Through unanimous vote, the Board of Directors has voted to adjust the 2025 Regular Assessments. The Board of Directors also voted to continue the 2025 Insurance Assessment with no increase.
The Regular Assessment for Bungalows and Villas will increase from $281.25 quarterly to $374.76 quarterly, Urban Row Homes will increase from $281.25 quarterly to $341.09 quarterly, and Townhomes will decrease from $450.00 quarterly to $408.57 quarterly, effective January 10, 2025. The Insurance Assessment for Townhomes will continue in 2025 at the same rate of $285.00 quarterly. Payments for your Regular Assessment and Insurance Assessment will be due quarterly January 10, April 1, July 1, and October 1, 2025.
Article 9, Section 9.4.1. Regular Assessments. Regular Assessments for all residential Lot types are based on the annual budget. If the Board does not approve an annual budget or fails to determine new Regular Assessments for any year, or delays in doing so, Owners will continue to pay the Regular Assessments as last determined. The Board shall have the right to determine a different schedule, notice of which shall be given by U.S. Mail to each Owner at least thirty (30) days prior to change.
If during the course of a year and thereafter the Board determines that Regular Assessments are insufficient to cover the estimated Common Expenses for the remainder of the year, the Board may increase Regular Assessments for the remainder of the fiscal year in an amount that covers the estimated deficiency up to fifty percent (50%) without a vote of the Owners as set forth in Section 9.3.1 above.
Article 9, Section 9.4.3. Insurance Assessments. The Association’s insurance premiums are Common Expenses that must be included in the Association’s annual budget. Nevertheless, the Board may levy an Insurance Assessment – separately from the Regular Assessment – to fund (1) insurance premiums, (2) insurance deductibles, and (3) expenses pertaining to the Fire Riser Closets and the fire sprinkler system for the Townhomes. If the Association levies an Insurance Assessment, the Association must disclose the Insurance Assessment in Resale Certificates prepared by the Association.
Should you have any questions, please contact Essex Association Management, L.P. by visiting www.ironhorsevillagehoa.com and follow the prompts to submit a web submission under the “Contact Us” tab.
