Levies and ‘Modified Levies‘

Our levies have been very stable over recent years. This has been made possible as a result of our ‘modified levies’ (a concept similar to stabilisation funds) which are raised to build up reserve funds for the purpose of financing the maintenance of corporate assets. Modified levies are triggered by the sales of units, calculated on 25% of the existing levy paid by owners, multiplied by the number of months for which a unit has been owned by that owner, up to a maximum of 120 months. The purpose of the modified levy is to allow for the body corporate to recover the benefits of historic contributions which have been kept as low as possible for the elderly and retired owners. The modified levy may be identified with the principle of deferred levies.