The budget is deemed ratified at a budget ratification meeting unless:

The budget ratification process is an important aspect of community governance, ensuring that all stakeholders have a voice in financial decisions. Option B is correct because it places the power of budget ratification in the hands of the owners, rather than only the board members. For a budget to be ratified, it requires a majority of owners to either be present or represented by proxy. This approach aligns with the principle of democratic management within a community association, ensuring that the collective interests of the owners are prioritized.

When a majority of owners vote against the budget, the budget cannot be ratified, regardless of the opinions of the board members. This ensures that the board's budget proposals reflect the wishes of the community as a whole, reinforcing the idea that owners have ultimate decision-making power in their community.

The other options, while relevant to the governance process, do not directly address the threshold for ratifying a budget in the context of owner participation, which is central to option B.