HomeStead Owners Group (HOG)

Master Association Dues Coming - Did You Know?

Apr 25, 2002

If you, your accountant, and tax attorney are burning the midnight oil to prevent Uncle Sam from picking your personal pocket any more than normal, you?’re probably unaware of the ?“assessment bill?” Big Brother has in store for you in the near future.
And who is this Big Brother? Why it?’s our friendly overlord organization, better known as ?‘The Preserve Communities Master Association, Inc.?’, of which our village is a contributing part thereof.
According to subparagraph D, of Section 3 (Individual Expenses) of Expense Projections, as found in the document titled ?“Receipt?” that we all received at our closing, ?“The Covenants provide, among other things, that each Unit owner will be responsible for paying an annual assessment to the Master Association, although these assessments will not commence prior to January 1, 2001.
The amount to be assessed against each Unit will be equal to the ?“full market value?” of the Unit, as determined by the Franklin County Auditor, multiplied by ?‘.001?’. For example, the owner of a unit valued at $200,000 by the Franklin County Auditor will be responsible for paying an assessment in the amount of $200 per year to the Master Association.
Each purchaser and prospective purchaser is hereby advised that the Master Association will have certain remedies available to enforce the provisions of the Covenants, including the ability to lien Units and pursue foreclosure and personal judgment actions against those Unit owners who fail to pay the assessments when due.?”
Big Brother doesn?’t fool around when it?’s time to pay up. If all this comes as a surprise to you, don?’t feel left out; without being told this directly up and through the closing process, the process of discovery has been left up to those who took the time to read all materials presented to them.
And what is the Master Association doing with our yearly payments? That?’s a question begging for a reasonable and intelligent answer.