The assessment payable by each homeowner funds both the operating and capital budgets of the association.
These budgets cover such things as grass mowing, flower, shrubbery and tree planting and maintenance of all
common areas; maintenance and repair of all common area structures, such as walls, fences, entrance lights
(not street lights which are the responsibility of Kentucky Utilities), street signs, electrical wiring and irrigation
systems, the property manager’s services, and social events.
In short, the bulk of the assessments go toward maintaining and enhancing all the areas owned “in common” by
the homeowners within Masterson Station; the proper maintenance of which enhances the property
values for the subdivision and its’ residents.
According to the Deed of Restrictions (DOR), all property owners in the Masterson Station neighborhood are
automatically members of the homeowners association and subject to the assessment. You should have been
given a copy of the DOR at or before closing on your home. If you need a copy of the DOR, please refer to the governing documents
The amount of dues is $48 per year (as of 01/01/07) due on January 1st of each year. Dues are pro-rated for
mid-year move ins @ $4 per month for each full month that is left in the year after the move in. If you sell your
house in mid-year, after paying your dues, usually the settlement form for the sale will take into consideration a
“credit” for the seller for the balance of the dues along with a “debit” for the buyers. Although, this will depend
on the person who completes the real estate transaction. There are no “refunds” issued by the Homeowners
Association after payment is made. The settlement of the dues is solely the seller’s responsibility.