Levies, What am i paying for

Levies, What am i paying for from TMS Pro Property Management

By: TMS Pro Property Management  02-08-2016
Keywords: Sectional Levies

The levy comprises all the anticipated costs of the running of the Complex and usually includes: rates and taxes payable to local authority by the Complex if the units are not separately ratable; water; electricity and repair costs relating to the electrical installation in the common area; insurance replacement costs of buildings in the Complex; managing agent fee; annual audit fee; security and maintenance costs; common property gardening; swimming pool upkeep, if applicable. One of the main functions of the Trustees is to set a monthly levy for each Unit HOW IS THE AMOUNT OF THE LEVY DETERMINED? The Trustees will calculate the total annual budget required for the running and maintenance of the Complex. The budget will be made up from inter alia the items mentioned above. The annual total is reduced to a monthly budget which in turn must be collectively paid by the individual owners. The levy payable by any one owner is calculated as a percentage of the floor area of that owner's section to the total floor area of all the sections in the Complex, otherwise known as the participation quota. Thus: 1. Total annual budget = Required monthly budget for the complex 12 2. Floor area of owners section Percentage of monthly budget Total floor area for all sections payable by the owners

Keywords: Sectional Levies

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