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Why have my levies doubled in 10 years?
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Mailbox
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07/11/2018 - 10:21 am
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Who decides when to raise the Strata Levies. Is it the Strata Manager or the Executive Committee.
My levies have been increasing at a rate of $100.00 per quarter since 2008. We are a small block of 8 apartments. 2 with one bedroom and 6 with 2 bedrooms. My levies have gone from $495.00 per quarter starting December in 2008 to $950 starting December 2018 for the next 4 quarterly payments.
Unfortunately my income as a Pensioner does not increase to match this. We have an enough in our sinking fund to manage maintenance etc. Surely we can better use our own money and top up the Sinking fund with a special levy should the need arise. So what is the norm here. Surely we can control how much we are prepared to pay.
 
Your help and guidance here would be greatly appreciated.

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kaindub
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07/11/2018 - 11:02 am
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How do I say this – its you as part of the OC that decides the levies

Every year the OC moves amotion at the AGM to approve the budget for the Admin fund and the Capital works fund and that sets the next year levies As a member of the OC you get to debate this and vote on it.

Is your SM or committee having yearly meetings and sending you a notice? 

Are you reading the notice of the meeting ?

Are you going to the meetings?

Having been at some time, treasurer and  chairman of a small complex of 8, the levies you are paying are within reason of what it costs to run a block.

Maintenance   comes out of the Administrative funds and must be budgeted for each year. The amount set aside for the Capital works fund depends on tbe wishes of the OC but setting it too low will mean that you get hit with special levies regularly ( and unexpectedly)

If you say that you cant pay the higher levies today, how will you pay a speciall levy when it comes up? If you  can’t pay a special levy, you lose voting rights; interest accrues on the outstanding amount at 10 %, and if the outstanding amount is suffi ient you can be bankrupted.

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