Belle Ridge Budget & Dues

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2025 HOA Membership Dues:

DETACHED CONDOMINIUMS: Belle Ridge Drive & Belle Ridge Ct.

Great News!
Our expenses in 2024 remained minimal. For 2025, the required budget balance is $800 ($27 per unit). Given this, the board has agreed not to collect dues for 2025. Instead, the $27 per unit will be rolled into next year’s dues.

ATTACHED CONDOMINIUMS: Pine Ridge Drive

To maintain the common elements of the six attached condominiums on Pine Ridge Drive, each unit owner is assessed a monthly dues payment of $175.00. Common elements include but are not limited to insurance premiums, lawn care, snow plowing, and some outside building maintenance.


Please note: This Website and/or any correspondences you receive regarding our Budget and Dues have been compiled in good faith. However, occasional typographical errors or mistakes may occur. It is crucial to emphasize that our Belle Ridge Master Deed and Bylaws take precedence over any content presented on this website and/or in any correspondences concerning our Budget and Dues, except for changes ratified by the HOA Members and/or Board of Directors.

Why are dues collected?

The association utilizes membership dues to address a range of expenses, encompassing Liability Insurance, Legal Costs, and office expenditures. Additionally, a segment of our dues is allocated to a reserve fund designated for common element maintenance, repairs, and replacements.

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Administrative Expenses:

Liability Insurance
Liability insurance is required by the Master Deed to protect the co-owners of the association from liabilities or losses arising within, caused by, or connected with the general Common Elements of the development. In addition, we carry BOD insurance to cover the members of the Board of Directors.

The Master Deed also requires that all general common elements of the development be insured against fire and other perils covered by a standard extended coverage endorsements.

Legal Expenses (Attorney's Fees)
This money is required to retain the Legal services such as a lawyer, for anything related to the HOA that requires legal services.

Office Expenses (Misc. Office Supplies)
This money covers the expenses associated with printing, mailing, stationary, etc.

Reserve Fund
Every association has a reserve fund. It's like a savings account, and it's meant to be tapped when things go wrong or the common areas fall into disrepair. We are required by the Master Deed to collect a reserve fund equal to at minimum, ten percent (10%) of the Association's current annual budget. In 2019, the Belle Ridge Members agreed that we will only collect reserve funds if the reserve fund is less than $10,000.

What happens If I don't pay my dues?

Since 2007, the Board has implemented a proactive Collection Policy for delinquencies. This policy encompasses fees for rebilling with each delinquent letter sent before full payment, interest charges, and, if required, legal measures, potentially leading to foreclosure of a lien on your property, along with associated costs..

What does foreclosure of a lien mean?
Foreclosure of a homeowners association (HOA) lien occurs when an owner fails to pay their HOA dues or assessments and the HOA takes legal action to enforce the lien placed on the property. Here's how it typically works:

Non-payment: When a homeowner fails to pay their HOA dues or assessments, the HOA may place a lien on the property. This lien gives the HOA the right to collect the unpaid dues or assessments from the property's sale proceeds if the owner fails to pay.

Foreclosure Process: If the homeowner continues to neglect payment, the HOA may initiate foreclosure proceedings. This involves going through the legal process to force the sale of the property to satisfy the outstanding debt owed to the HOA.

Sale of the Property: During the foreclosure process, the property may be sold at a foreclosure auction. The proceeds from the sale are used to pay off the outstanding debt owed to the HOA, including unpaid dues, assessments, legal fees, and any other associated costs.

Transfer of Ownership: If the property is sold at the foreclosure auction, the new owner assumes ownership free and clear of the HOA lien. The previous owner loses ownership rights to the property.

Foreclosure of an HOA lien is a serious matter and can have significant consequences for the homeowner, including losing their home and damaging their credit. It is typically considered a last resort by the HOA to compel delinquent homeowners to fulfill their financial obligations to the association.

In any event, the best advice is to pay your HOA fees on time.

Should you encounter any difficulty in paying your annual dues on time, we encourage you to reach out to the Treasurer to explore potential special arrangements. Our aim is to avoid levying late fees or placing a lien on our neighbors' homes whenever possible.

Late Fees Schedule:

As required by law, a certified letter will be sent to the delinquent property owner prior to sending the account to legal counsel for collections. Per the Belle Ridge By-Laws, in order to discharge the liens, monies must be paid in full including the assessment amount, all incurred Interest, all incurred rebilling fees, and all incurred legal fees.

Late Dues Fees Schedule

First Late Notice
Interest:
Rebilling Fee: 		7% of Dues Owed +
$15
Second Late Notice
Rebilling Fee: $25
Final Late Notice
Administration Costs:
Legal Fees: 		$65
$250

In the event legal action is pursued, supplementary legal fees and court costs will be incurred and added to the account.

Annual Budgets & Spend Reports: