All news

Townhome Assessment Increase

Published: November 20, 2024

The Board of Directors, in an open meeting held on November 14, 2024, reviewed all estimated budget expenses for 2025 and determined the current additional townhome assessment rate is not sufficient to sustain the Townhome Owners expenses and operating budget. The Board of Directors unanimously voted to increase the 2025 additional townhome assessment by 10% effective January 1, 2025.

The townhome assessments will increase from $2,601.90 annually to $2,785.39 annually. Payments for your assessment will be billed annually in the amount of $2,785.39 and due on January 1, 2025.

Article 10.3 Assessments. In part, The Declarant does hereby amend Sections 10.3 of the Declaration to include as part of the annual assessment levied against each Townhome Lot an additional amount calculated based on the total annual Townhome Common Expenses of the Association reflected in the budget approved by the Board, divided by the total number of Townhome Lots within the Property. The Board of Directors shall set the amount of the Townhome Lot Additional Assessment based on the townhome Common Expenses in the budget adopted and approved annually by the Board. The initial Townhome Lot Additional Assessment, which shall be in addition to the annual assessment applicable to all Lots in the Property (including Townhome Lots) shall be Nine Hundred and no/100 dollars ($900.00) per Townhome Lot per year. The Townhome Lot Additional Assessment shall be levied and assessed against each Townhome Lot only. Notwithstanding anything to the contrary contained in the Declaration, as amended hereby, the Townhome Lot Additional Assessment (i) may be increased annually by the Board by an amount up to twenty (20%) above the maximum Townhome Lot Additional Assessment for the previous year without a vote of the membership taken in accordance with Section 10.3.2 of the Declaration.

If you have auto pay set up, please be sure to update the amount of your payment prior to the January 1, 2025 effective date.

Should you have any questions, please contact Essex Association Management, L.P. by visiting www.barcelonahoa.com and follow the prompts to submit a web submission under the “Contact Us” tab.

Barcelona in McKinney HOA