from: Matthew Merckel to: "baltimorecountycondo@gmail.com" cc: Donna DaRoja date: May 6, 2025, 1:32 PM subject: RE: special assessment for Gardens at Owings Mills I Good Afternoon Jacob: Thank you for your inquiry. The $500 special assessment also has to take into account the 10-12% arrearages that the community faces. The special assessment amount, since it is covering a time sensitive item such as active insurance, must take into account that 10-12% won't pay and the association has an obligation to ensure that the community is adequately insured. It was not budgeted for because it was unknown at the time of the budget if the loss run history would allow for the premium to go back down to an acceptable level, it has not. Hence the Board and management looking to special assess. This is based on two loses in a 5 year history (a fire and an act of god - tree falling). The alternative is to seek a loan at or above 5% interest or not be insured. I would be more than happy to have a more in-depth conversation about this and the hope is that this is the last year that the premium will be this high. Thank you, Matthew Merckel CMCA Community Association Manager Office: 443-548-0191 ext 114 | Fax: 443-548-0196 Please rate today's service: Click here to take a short survey