On December 11, the POA Board announced it intends to present a revised Reserve Funding Fee during the 2025 legislative session. As our community nears buildout and income from housing permits diminish, additional revenue, beyond monthly assessments, is necessary to sustain day to day operations and to maintain our existing amenities.
If you recall, this fee was proposed last year but failed to carry through to the 2024 legislative session. What’s changed?
- Primarily, the fee itself. Originally, the fee was proposed to be ½ percent of the buyer’s purchase price. The revised fee is a flat rate of $5,000 regardless of purchase price.
- One additional exemption was added – There will be exemptions for current residents who buy another home in Tellico Village after 24 months of residence and property transfers to family members, into or out of a trust, to an heir, or a business entity in which the owner holds an ownership interest.
Keep in mind, this fee is not intended to be paid by the current Tellico Village resident. This fee is to be paid by the buyer of your home, when you leave our community.
The HOA encourages residents to attend the POA’s January 9th Town Hall meeting to review this revised Reserve Funding Fee in greater detail and to provide your feedback prior to the Board’s vote on January 15th. To read the entire proposal, click here.