Whats the difference between a special and regular assessment?
A regular assessment is what each member of the community pays annually or monthly as the standard maintenance contribution to operate and maintain the SROA, its acres of common areas and commonly owned assets. In addition, this amount also includes each members contribution necessary to fund the reserve account. A regular assessment is required annually to ensure the vitality of the community through the effective operation of the communitys association. In contrast, a special assessment is an assessment relative to a specific community matter or initiative. Unlike a regular assessment, special assessments have a finite lifespan. In short, as soon as the required member owed amount is repaid, this assessment goes away.
