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FFHA: Assessments


The budget for 2017-18 was presented to the membership at the FFHA Annual Meeting in April. The membership voted to approve the budget for new fiscal year that runs from June 1 through May 31. The Board is sensitive to any hikes in the assessment but costs continue to go up on road-related materials and labor, which make up the approximately 82% of FFHA costs.

A significant portion of the budget is allocated for roads improvements, repairs, and maintenance as well as shoulder and ditch line work. The remainder of the budget is basically fixed expenses the Association incurs. The annual budget is planned on the expectation of collecting homeowners’ dues from all property owners in a timely manner. Late payments cost the association additional expenses and can cause delays in scheduled work in the community.


Reference:
Restrictive Covenants – Article 10: Assessments
Regulations: Setting Annual Assessment Amount

Still have questions regarding assessments?
Send an email FairviewForest@gmail.com

Assessment Amount Due June 1, 2017: $698.00

The remittance should be send to:
Fairview Forest Homeowners Association
c/o John P. Wood, CPA
138 Mt Carmel Road
Asheville, NC 28806


Assessments Questions and Answers


Why is there a late fee?
The late fee (5%) helps to cover the additional cost for the accountant to pursue payment of late assessments.

What happens if I pay my assessments late but do not pay the late fee?
The Association will not put a lien on your property for the late fee; however, the late fee will remain on your account until paid. If a query is made to see if your account is clear, the answer will be "No".

Why does the Association put a lien on my property if I don’t pay my assessments?
A property lien protects the Association; a lien gives public notice to potential buyers and other interested parties that there is a debt owed on the property.

Why does the Association file a collection suit if I don’t pay my assessments?
The collection suit is the Association’s final option to collect delinquent assessments.

What if my family runs into a financial situation where we can't pay when the assessments are due?
The Covenants allow for such a situation. See Restrictive Covenants, Article 10.


Assessments Policy Collection Steps


• Assessments are due by June 1st each year.

• As of July 1st, there is an extra 5% late fee.

• As of August 1st, the Association’s attorney places a lien on the property on which the annual assessment has not been paid. The attorney’s fee for this action is added to the amount owed. Also, the Association will add on two months interest.

• As of September 1st, the Association is required to turn the account over to the Association attorney for collection. He will initiate legal action to collect the unpaid amount, which will now include the cost of collection and additional interest. The property owner gets another 30 days to pay.

• After the 30 days, the attorney will file suit for collection. Following a loss in court, the North Carolina Planned Community Act requires the property owner pay everything, the original assessments, interest, reasonable attorney’s fees, late fee and all costs of collection. While the expense can vary widely at this stage, the total debt at this point can be several times the original assessment.