Assessment Increase Effective January 1, 2023
Posted By vraboin on December 27, 2022
Hello Oak Valley II Residents!
This is a courtesy reminder that the monthly assessments for your Association are increasing from $95 to $103 per month effective January 1, 2023.
Why is there an increase? The 8.42% increase in assessments is primarily due to increases in reserve study funding, common area maintenance, irrigation repairs, and insurance premiums. However, the Board worked diligently to reduce the costs for electricity, meeting expenses, landscape replacement, and tree maintenance so that the increase was nominal.
Do I need to do anything for my automatic payments? If you have enrolled in automatic payments through the Resident Portal, there is no need to make any additional changes. The amount withdrawn will be adjusted to the new amount automatically. However, if you have enrolled in Bill Pay through your banking institution, you will want to make sure you increase the withdrawal amount to reflect $103 per month.
What if the wrong payment amount is made? A late fee of 10% ($10.30) will apply on the 16th of the month if the incorrect payment is made or a payment is missing.
The Board and Management hopes everyone had a lovely holiday season and wishes all Oak Valley residents best wishes for 2023!