Assessments are due on December 1 each year. Statements are mailed in October. A $20 Late Fee charge is applied for payments postmarked after December 1.
Each year, the Board of Directors prepares a budget based on the anticipated expenses for the upcoming year. These costs include utilities, landscaping, administration, etc. These amounts are then divided by 290, the number of homes in LRM.
Your annual fee goes towards multiple expenses such as:
- Mowing and care of grass in the common areas owned by LRM
- Care of landscaped areas owned by LRM
- Accounting fees for dues collection, bill paying and taxes
- Liability insurance
- Water bill for sprinklers
- Electric bill for light posts at the front entrance
- Yearly trash service
- Management company
The assessment is the periodic amount due from each homeowner to cover the operating expenses of the association and provide for reserve funds for replacement of common facilities in future years.