What is the difference between the HOA and the CDD?
The Lexington Oaks Community Development District (CDD)
is a governmental entity that was created to serve the long-term specific needs of our community. Created pursuant to Chapter 190 of the Florida Statutes
, a CDD’s main purpose is to plan, finance, construct, operate and maintain community-wide infrastructure and services specifically for the benefit of its residents. Unlike an HOA that relies heavily on the memberships ability and willingness to pay their dues, the CDD collects assessments through your Pasco County tax bill, insuring that the district will receive the assessed funds and always be able to properly operate the district and pay it's bills. It is the CDD's responsibility to maintain the common areas. That includes the pool, clubhouse, fitness center; volleyball, basketball and tennis courts, district ponds, district property, landscaping and maintenance for all district areas. Additionally, the CDD is responsible for repayment of any bonds issued by the developer used to pay for the community's initial infrastructure.
The Master Homeowners Association
insures that individual property owners maintain their individual properties to a set of standards that are codified by a set of governing documents that are in compliance with Florida Statute 720
and finally, approved by the voting membership. The HOA Board of Directors employs a management company to run the day to day operations which include preparing budgets and maintaining financial records, overseeing annual dues assessments and collections, administering covenant enforcement, communicating with residents, holding required meetings, and other functions required by the Board in conjunction with Florida Statutes and the governing documents.
What is the timeline for the annual assessment process for the Master HOA, when is the assessment due and what happens if I do not pay it on time?
Each year, the annual budget for the upcoming year is generated starting in September and passed at the October Master Homeowners meeting. Subsequently, the HOA''s Management Company generates an invoice for each member's annual assessment for the upcoming year. These invoices must be postmarked and sent at least 30 days prior to the beginning of the annual assessment period (Jan 1). The due date will be shown on your invoice, but is generally due on January 1st.
Note- Per the governing documents, an owner who does pay the assessment by the due date is delinquent. If the assessment is not paid within 10 days after the due date, the assessment starts accruing interest from the date of delinquency at the statutory rate on judgments established under Florida law and the HOA can bring legal action against the owner through a lien against the property and possible foreclosure. See page 18 of 39 of the Restated Master Declaration
for more specification.
We encourage each owner to pay the annual assessment by the due date and save yourself the anguish of facing penalties and attorney fees. It's the smartest move you will ever make.