What are levies in property?
If you are buying a sectional title property such as a property in a complex or a flat, you will be charged levies. These are the costs involved in running the complex, and include municipal rates and taxes, limited building insurance coverage, repairs and maintenance.
What are levies used for?
Levies are used to cover costs for the maintenance and upkeep of the communal areas and needs within the boundaries of the complex. These include public pools, gardens, public infrastructure, etc. Levy management is the responsibility of the body corporate of the complex.
Are levies paid monthly?
Rates, taxes and levies are monthly costs that the Body Corporate and local Municipality charge in order to fund the services they provide.
What is a levy in military?
A levy (plural levies) is a military force raised (“levied”) in a particular manner. In the Roman legion this typically means “farmer soldier” militia units raised by conscription that provided most of light and heavy infantry composition—most of which were of poor training and little fighting ability—but not always.
How are levies calculated?
The calculation of levies is done by using the formula of the participation quota of each unit in a sectional title scheme, in order to determine their contribution towards the repair, upkeep, management, control and administration of the common property.
Who is responsible for levies?
unit owners
Who pays the Levies? The unit owners are responsible for paying the levy amount, as well as any Special Levies raised by the Trustees.
Why do we pay levies?
The Levy covers necessary expenses incurred by the Body Corporate in the administration, upkeep, running and repair of the common property, such as: Rates, Taxes, Gas, Water and Electricity for the Common Property. Insurance, Sewerage, Sanitary and Security for the Common Property.
What are examples of levy?
The noun levy refers to a charge, such as a tax, fine, or other fee, that is imposed on something. The verb levy is used to describe the act of imposing or collecting the charge. If you need to raise money, for example, you may decide to levy a fine on your family every time you have to make the coffee in the morning.
What is the difference between taxes and levies?
Specifically, the major distinction between income taxes and levies is that the former is based strictly on taxable profit while the latter is payable without regard to taxable profit.
Do levies increase annually?
Generally, levies may only be increased ONCE in a financial year. In the case of an “interim” increase, though, trustees may enforce that two incremental levies are paid within a financial year.
What are levies, property levies and property levy laws?
Property levy laws: A basic outline Levy management is the responsibility of the body corporate of the complex. This has been clearly set out by the Sectional Titles Act of 1986. This Act ensures that both owners and those within the body corporate are legally protected.
Which is the best definition of the word levies?
levies synonyms, levies pronunciation, levies translation, English dictionary definition of levies. to impose a tax: to levy a duty on imports; the amount owed or collected; the conscription of troops Not to be confused with: levee – embankment to prevent…
What do you need to know about school levies?
A levy is a short-term, local property tax passed by the voters of a school district that generates revenue for the district to fund programs and services that the state does not fund or fully fund as part of “basic education.” Levies require a simple majority to pass (50% + 1)
What do you use the levies money for?
“The funds collected are also used to cover administrative costs like management fees, bank charges and stationery, municipal costs including water, electricity, refuse collection and sewage, and insurance for the entire property – but not for the contents of each unit.”