Assessments

Section XI of the Covenants deals with Financial Matters, including record keeping, tax returns, budgets and Assessments. 

Article 11.2 sets out the Assessments which can be levied upon homeowners. There are four types of assessments.

1. Common Assessments:  Each unit is responsible for it's equal share of the Common Expenses. Commonly called "dues"

2. Limited Assessments: The Board may allocate expenses for Limited Common Elements only to those lots to which those Limited Common Elements are allocated. For example, to replace a damaged patio fence. The Villas has never levied a Limited Assessment during its history

3. Special Assessments: Unbudgeted expenses or expenses in excess of those budgeted. The Villas has never done this, so far, but the scenario that seems most likely to produce a need for this would be major damage, for example wind and hail damage to our roofs; such that the Association would be responsible for the deductible of our insurance policy.  That expense would be allocated to homeowners. 

4. Specific Assessments: Expenses levied by the Association against one or more particular lots. This could be because of subscription by the lot to special services (we currently offer none), or because of liabilities incurred owing to some consequence of the conduct of the owner.