A community water well is basically just a water well that is shared by the entire community.
The community water well is located in one location and is serviced and maintained and operated by someone in the community.
You're then billed for the water usage and or you may just have a flat rate monthly fee that you pay to help keep up on the upkeep of the community water well.
In some places a community water well may not even have water meters connection to your house and instead you may just pay a flat rate for your water usage.
Sometimes there's also a shared water well where 2 houses share 1 water well and then you pay a portion of a monthly fee to help keep the water well maintained and replace things such as pumps, pay the electric bill for the pump etc.