Whats the difference between dues and special assessments?
“Dues” are the monthly payments that keep Madison Towne Centre functioning. They are designed to cover normal operational costs as well as fund maintenance activities. The dues levels are determined by the board of directors, but may not be increased by more than 10% a year without a majority vote by the residents. “Special assessments” are non-reoccurring special charges that may be needed from time to time as circumstances dictate. For example, if a major repair must be performed immediately, and the cost of the repair is larger than the village’s available funds. All special assessments must be approved by a majority vote within the village.
