Varies by Association
A: Assessment increases are usually discussed prior to the association’s annual meeting. The Board of Directors may approve an increased budget to cover increasing costs of operating and maintaining the common areas and to ensure sufficient reserve funds.
A: Assessments can be paid online through the "Pay Assessments" page. Homeowners are able to make a one-time payment or set-up recurring payments via eCheck or with a credit card. Credit card payments will have a convenient fee attached to the payment. Homeowners may also send a physical check to the lockbox at PO Box 645010, Dallas, TX 75264; if a payment is received at the management office, a $10 processing fee will be assessed to your account.
A: Each association has an adopted collection policy that establishes a procedure for the collection of assessment monies owed to the association. The policy ensures that all owners are treated equally and fairly in regards to their obligation to the association.
Most associations establish a “due date” for assessments, whether paid monthly, quarterly, semi-annually, or annually. They may also establish a grace period that defines the “delinquency date”. Any payments received after the delinquency date are assessed a late fee to offset the costs the association incurs in handling this account for collection of the monies due. The management company is NOT authorized to remove this fee; Only the Board of Directors may authorize the removal of late fees."