The ‘village levy’ is a contribution towards the general operating expenses of the estate. This levy is calculated during the annual budget process and implemented at the commencement of each financial year. It is applied to the houses and apartments according to their floor area.
The levy includes a provision for creating a reserve fund for large maintenance or development projects. In addition, a 3.5% levy on the sale price of any unit is also added to this reserve fund and has the effect of helping to stabilise levy increases.
These are the principal benefits covered by the ‘village levy’:
These are separate from the village levy, but are included on the same monthly statement, each as a separate item: