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Notice of Regular Assessment Increase
Published: March 20, 2025
During an open meeting held on March 19, 2025, the Board of Directors reviewed the estimated budgeted expenses for 2025 and determined that the current assessment rate is insufficient to support the Association’s operating budget. Following a unanimous vote, the Board has approved an increase to the 2025 Regular Assessments.
Effective April 20, 2025, the quarterly Regular Assessment will rise from $450.00 to $675.63. The second quarter Assessment will be due May 21, 2025. Subsequent Assessments for the third and fourth quarters will be effective on the first day of July and October, with payment due no later than the last day of each respective month.
Article 8, Section 8.3 Regular Annual Assessments. Prior to the beginning of each fiscal year, the Board will prepare a budget for the purpose of determining amounts sufficient to pay the estimated net expenses of the Association (the “Regular Assessments”) which sets forth: (i) an estimate of the expenses to be incurred by the Association during such year in performing its functions and exercising its powers under the Restrictions, including, but not limited to, the cost of all management, repair and maintenance, the cost of providing street and other lighting, the cost of administering and enforcing the Restrictions; and (ii) and estimate of the amount needed to maintain a reasonable provision for contingencies and an appropriate replacement reserve, and giving due consideration to any expected income and any surplus from the prior year’s fund. Assessments sufficient to pay such estimated net expenses will then be levied at the level of Assessments set by the Board in its sole and absolute discretion, and the Board’s determination will be final and binding so long as it is made in good faith. If the sums collected prove inadequate for any reason, including nonpayment of any Assessment, the Association may at any time, and from time to time, levy further Assessments in the same manner…
If you have auto pay set up with your bank, please be sure to notify your bank of the change prior to the effective date(s).
Should you have any questions, please contact Essex Association Management, L.P. by visiting your association website at www.legendscrossingtownhomes.com and follow the prompts to submit a web submission under the “Contact Us” tab.
