A homeowners association is a self-governing body or organization that comes together with a common interest to oversee the maintenance of their communities. The association usually collects fees from homeowners in the community to preserve the interests of the community. Homeowners associations are typically managed by homeowners and residents in the community (members of the association). The associations have a group board of directors, who are elected to oversee and manage the day-to-day operations.
Homeowners associations are not just limited to private homes in the community but also consist of townhouses, condos, high-rises, etc. Homeowners can even resell their homes through Property Escape.
The houses or properties within the association’s community are usually guided by rules and bylaws enforced by the association. The rules and regulations cover how common areas like parks, swimming pools, etc., are used and maintained in the community.
Important Details About Escape Property Owners Association
The Escape Property Owners Association, Inc. is a small community in Pennsylvania. The community is located on Lake Wallenpaupack, in Pike County.
The community is managed by the Escape Property Owners Association, whose duty it is to oversee the upkeep and maintenance of the community. Members of the association are obligated to pay some dues annually or monthly for the maintenance of the community.
Some of the dues to be paid include the annual dues, dock, jet sky fees, and monthly dues.
The monthly maintenance dues breakdown involves water dues, sewer dues, road maintenance dues, and amenity dues. A monthly payment Is also made as administration fees. Other fees charged at the community include resale certificate and capital improvement fee.
The available properties in the community consist of developed and underdeveloped properties.
Things to Note When Planning to Buy a Property in the Community
- You Must be a Member of the Escape Property Owners Association
All property owners of the Escape must be members of the association and are expected to be members in good standing of the Escape Property Owners Association. As a member of the association, you are expected to fulfill any obligations assigned to you.
- You Will be Bound By the Laws of The Association
As a property owner at Escape Property Owners Association, there are several bye-laws that guide the association and, in effect, you. The bye-law, as stated in the association’s constitution (revised and approved on November 17, 2020), contains the name, purpose, and goals of the association, terms of membership at the association, duties, and responsibilities of the board of directors, and other officials, among other laws.
- You Must Abide by the Rules and Regulations of the Association
There are several rules and regulations set by the community which every property owner or occupant must abide by. The board of directors developed the laws for the safety and peaceful living or coexistence between members of the community. Failure to comply with these rules and regulations would attract the payment of fines, and other punishments, depending on the severity of the offense.
- You Will Enjoy All Benefits Attached to Being a Member
As a member in good standing of the Escape Property Owners Association, you will enjoy voting privileges such as the right to vote and be voted for within the community. Aside from voting privileges, members in good standing will enjoy the various amenities provided for the community. Some amenities include the tennis courts, basketball courts, outdoor pools, and the Marina building.
- General Breakdown of Dues to be Paid for
As a member of the community, some of the fees and dues you should expect to pay include a monthly maintenance fee of $163.66 and $103.66 (special assessment fee included) for developed and underdeveloped properties, respectively. There are also the $50 annual dues to be paid every February, dock dues of $390 each year, and jet ski dues of $315 to be billed every March. The resale certificate costs $200, and the capital improvement fee is $1800 for developed properties and $900 for underdeveloped properties.
- Resale or Rentals of Properties
Any property owner who intends to sell his/her properties is obligated by the association’s laws to provide the buyer with the association’s resale document. To rent your property to a third-party, you must make copies of the lease or EPOA rental agreement.
Meaning of Escape Assessment
An escape assessment can simply be defined as a correction made to a property’s assessed value on the property tax roll. This correction is usually caused when the property assessor’s office discovers that there exists a property or a taxable event that was supposed to be assessed but was, however, not accessed. When such discoveries occur, there is a chance that the prior year’s tax roll may be affected, as well as that of the current year.
Common Reasons for Escape Assessment
Escape assessments may occur due to a lot of reasons. The most common reason, however, occurs when a new property construction is overlooked or if it was unreported to the appropriate body. Escape assessment also occurs when there is a missed or unreported change of ownership of the property in question. Another common reason is the removal of a tax exemption on a property.
Escape Assessment Statute of Limitation in Los Angeles, CA
According to the California state board of equalization, a preliminary change in ownership statement must be filed within 45 days after the change in ownership to be regarded as an early or timely filing. Each year a change in the ownership of a particular property is left undiscovered or unreported. Such property is said to have escaped assessment. The statute of limitation period applied to the property in question is eight years after the first case of escape assessment began. The taxation years start on 1st July each year. This implies that the property assessor can issue an escape assessment eight years before the board first discovered the unreported change of property.
If you’re looking to sell your house in Los Angeles, California, Property Escape is your fastest and most reliable option.
