The annual assessments are currently 300 hundred dollars ($300) for Lot Owners and twelve hundred dollars ($1200) for Homeowners.
All homeowners and property owners are assessed annual and specific assessments, in accordance with the provisions of Article XII of the BY-LAWS OF SHILOH FALLS HOMEOWNER'S ASSOCIATION, INC. FOR THE ADMINISTRATION OF SHILOH FALLS SUBDIVISION and the AMENDMENT TO BY-LAWS BY RESOLUTION.
Each member shall pay to the Association, the Member's Annual Charge of the sum required by the Association, and the funds realized from the assessment shall be used in a manner consistent with maintaining the Subdivision and only for the benefit of the homeowners and the Subdivision. The assessment amount will, therefore, be an amount consistent with such purposes.
Assessments shall be made for each lot. Once visible signs of construction appear on any lot, then an additional assessment shall be made. Therefore, the Association shall have two classes of membership, Class One and Class Two, for assessment purposes.
a) Class One shall consist of assessments against lots only.
b) Class Two shall consist of assessments against lot and house.
In the event a lot is purchased or construction is commenced on any day during a month other than the first day of the month, then the assessment shall be prorated for that month.
The assessments began January 1, 1991, at $10 per month for Lot Owners and $35 per month for Homeowners. On January 1, 1999, the SFHA monthly assessments were increased to $17 per month for Lot Owners and $60 per month for Homeowners. Also in 1999, the By-Laws were amended to change the monthly assessments to annual assessments, beginning with the year 2000. On January 1, 2003, annual assessments for Lot Owners was increased from $204 to $240.
As provided for in the By-Laws, the SFHA Board of Directors shall cause to be kept a complete record of all its acts and affairs. The Annual Budget and Statement of Income and Expenditures shall be presented to the membership at its regular annual meeting.
One "Specific Assessment" was levied in 2001 to fund improvements for SFHA. Following the support of a favorable vote at the April 21, 2001, SFHA special meeting, the SFHA Board of Directors levied a Special Assessment ($100 for each Class One member & $350 for each Class Two member), for construction of a "Controlled Access Entrance" with the balance to a "Paving Fund Reserve".
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