 WHY ??
The activities and functions of the community association are supported primarily by
property assessments. Funds also provide for capital improvements to the property, and
equipment replacement reserves. Owners of property in Woodlake are automatically members
of the association by virtue of ownership, and payment of assessments is therefore
mandatory.COST ??
In 2008, each residential property will be assessed $432.64/year or $108.16/quarter.
Commercial properties are assessed on an acreage or square footage basis, according to the
Covenants. The Woodlake Community Association has approved and instituted a
Capitalization Fee, equal to a maximum of the amount of the annual assessment. This
is a one time fee to each new buyer which must be collected at closing.
HOW ??
Assessments may be paid by one of three methods. The whole $432.64 may be paid prior to
January 25th for the year. A major credit card may be supplied to the
association, on which electronic charges of $108.16 will be made at the beginning of each
quarter (January, April, July, October), or a billing will be generated by hand directly
from the Community Association office, also on a quarterly basis, for $108.16 plus a
$10.00 per quarter administrative fee. Payment is due by the 25th of the month.
Late payments are charged 1.5% per month.
To print an Application for Credit Card Billing, click here.
PROBLEMS ??
When an assessment account is in arrears by two quarters or more than $200, it may be sent
to collection after two notices from the association. A Warrant In Debt will be filed,
adding court costs and attorney’s fees. If judgement is awarded to the association
and not paid, a lien is filed on the property and a credit record may be damaged. In the
event of temporary financial problems, the association will work with a property owner to
avoid legal problems. |