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Notice of Assessment Increase
Date: March 07, 2025
On March 4, 2025 the Board of Directors reviewed all estimated budget expenses for 2025 and has unanimously voted to increase the 2025 assessments as the current assessment rate is not sufficient to sustain the Association’s operating budget. The Board of Directors has approved an assessment increase for 2025.
The Board of Directors has approved an increase effective May 1st, 2025; assessments will increase from $812.50 annually to $897.81 annually. The difference for your 2025 assessment of $85.31 will be due by or before May 1st, 2025.
Article X, Section 10.3 BASIS AND AMOUNT OF ANNUAL ASSESSMENTS.
10.3.1 The Board of Directors may fix the annual assessment at any amount equal to or less than the maximum annual assessment for that year, as herein below provided. The maximum annual assessment for each Lot for the year 2015 shall be Six Hundred Fifty and No/100 Dollars ($650.00). Commencing with the year 2016 and each year thereafter, the Board of Directors may set the amount of the maximum annual assessment for that year (and for following years) for each Lot provided that the maximum annual assessment may not be increased more than twenty-five percent (25%) above the maximum annual assessment for the previous year without a vote of the membership taken in accordance with the provisions of Section 10.3.2.
10.3.2 Commencing with the year 2016, and in each year thereafter, the Board of Directors may set the maximum annual assessment for the following year for each Lot at an amount more than twenty-five percent (25%) above the maximum annual assessment for the previous year; provided that any such increased assessment shall be approved by the affirmative vote of sixty percent (60%) of the votes of those Association Members who are voting, in person or by proxy, at a meeting duly called for such purpose.
If you have auto pay set up with your bank, please be sure to notify your bank of the change.
Should you have any questions, please contact Essex Association Management, L.P. by visiting your association website www.friscoprestonhillshoa.com and follow the prompts to submit a web submission under the “Contact Us” tab.
Frisco Preston Hills HOA
