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CNN First of All With Victor Blackwell September 8, 2024

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Everything You Need to Know About Community Association Assessments by Mike Stonestreet

If you're a homeowner in a community association, you're probably familiar with assessments. But do you know everything about them? What do they cover? How are they calculated? When are they due? And what happens if there's not enough money in the reserve fund to cover an unexpected major repair? In this article, we'll answer all of those questions and more. We'll also discuss the benefits of raising assessments and why it's important for board members to fulfill their fiduciary duties.

Assessments vs. Dues – What's the Difference?

Your obligation to pay assessments is tied to your property ownership, which is subject to the declaration of covenants, and "runs with the land" (i.e., you cannot opt out of paying assessments). So even if you feel like you do not use the amenities or derive benefits from paying, you're still obligated to pay your assessments. Dues, by contrast, are voluntary. You can decide to join a club or end ....

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