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Assessments

Rivers Edge Condominium Association levies an assessment each year that is used exclusively to promote the health, safety, welfare, and recreation of the residents in the subdivision and for the improvement and maintenance of the Common Areas situated within the Subdivision. Each year, the Board estimates the total amount necessary to pay the Association operating costs, materials, insurance, services and supplies which will be required during the ensuing calendar year for the rendering of all services, together with a reasonable amount necessary for a reserve for contingencies and replacements.

As of April 1, 2024, the current Association Assessment is $220.00 per month for each condo unit. Assessments are due and payable monthly, but can also be paid on a quarterly basis.

The Board encourages residents to set up automatic payments of the assessments from a checking or savings account, which is an easy and free way to ensure that your assessment is paid on time. Thus, you'll always know your condo fees are paid on time and you'll save postage.

We offer two options for automatic payment of assessments - Monthly and Quarterly. If Monthly basis is elected, the charge will be made on the 5th day of each month. If Quarterly basis is elected, the quarterly charge will be made on the 5th day of the month in January, April, July and October. Regardless of the election chosen, if the 5th falls on a weekend, the charge will be the following business day.

If you wish to initiate an automatic payment of your assessments, please download and complete the form below and send it to the Association Treasurer. You can withdraw your authorization at any time by contacting the Association Treasurer.


Penalty for Late Payment of Assessments
If any assessment payment is not received by the Association by the 15th day of the month, the Unit Owner shall be notified in writing that their assessment is past due. After notification, if the assessment payment due is not received by the Association by the last day of the month for which it is due, the Unit Owner shall be assessed a $10.00 late payment penalty as of the last day of the month. Such penalty shall be increased $1.00 per day for each day the assessment remains unpaid after the penalty is assessed. The maximum penalty per assessment is $20.00 per month ($50.00 per quarterly payment). The penalty provisions of this paragraph, and the maximum penalty, shall apply to each assessment that is not paid on a timely basis.

The Association may also bring an action at law against the lot owner personally obligated to pay, or may foreclose a lien against the property. No lot owner may waive or otherwise escape liability for the assessments by non-use of the common area or abandonment of the specified lot.

For a complete explanation of the Penalty for Late Payment, please review the document below.
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