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Notice of 2025 Supplemental Assessment
Published: July 28, 2025
The Board of Directors, in an open meeting held on December 05, 2024, reviewed all estimated budget expenses for 2025 and determined the current assessment rate is not sufficient to sustain the Association’s operating budget. Through unanimous vote, the Board of Directors voted in favor of a Supplemental Assessment for 2025 in addition to the regular 2025 annual assessment.
Please be advised that the Special Assessment originally approved on December 5, 2024, has been revised. Due to higher-than-anticipated new home sales, we are pleased to announce a reduction in the assessment amount from $170.20 to $150.00. While the assessment is still necessary to help cover the remaining operating expenses for 2025, the increased revenue has allowed us to ease the financial impact on homeowners. We appreciate your continued support and understanding.
The Board of Directors has approved a Supplemental Assessment in the amount of $150.00, effective September 1, 2025. The Board of Directors will ratify the revised assessment amount at the next scheduled Board meeting. Payments for your $150.00 Supplemental Assessment will be due on or before September 30, 2025.
Article X, Section 10.19 SUPPLEMENTAL ASSESSMENTS
The Board may levy a Supplemental Assessment against all Lots for the purpose of defraying, in the whole or in part, the cost of repair or restoration if insurance proceeds or condemnation awards prove insufficient or to fund any shortfall between Assessments collected by the Association and Association’s Common Expenses, or for any other purpose to combat a shortfall in the budget as determined by the Board of Directors. The Declarant shall not be responsible or liable for any deficit in the Association’s funds or any Supplemental Assessments. The Declarant may, but is under no obligation to, subsidize any liabilities incurred by the Association, and the Declarant may, but is not obligated to, lend funds to the Association to enable it to defray its expenses, provided the terms of such loans are on reasonable market conditions at the time.
Should you have any questions, please contact Essex Association Management, L.P. by visiting your association website www.valenciaonthelakehoa.com and follow the prompts to submit a web submission under the “Contact Us” tab.
