What are levies and who sets them?

What are levies and who sets them?

As a lot owner you must financially contribute towards the running costs associated with your building and common property.

These contributions are called levies and they are payable to your strata scheme. 

Levy notices are commonly distributed to each owner four times a year to meet the financial obligations of the Owners Corporation. 

As part of STM’s management contract, we will issue levy notices to owners on behalf of the Owners Corporation.

It is important to pay your levies on time, every time. Penalty fees can be applicable for late payments. It is your scheme who receives these funds.

Who sets the Levies?

Ultimately, it is you, the owner.

Levies, as part of the budget, are voted on and approved by the Owners Corporation at the Annual General Meeting (AGM) each year.

Utilising its wealth of strata experience STM prepares detailed budgets for the Committee to present to owners at the AGM. These have been carefully forecasted to assist your Committee make better, more informed financial decisions to future-proof your scheme.

REMEMBER: it is the owners who vote on and approve budgets. This determines the levies they need to pay each year to maintain their building.

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