The Owners Corporation sets annual budgets. These budgets can be determined by Committees or alternatively approved at the Annual General Meeting. There are essentially four (4) types of levies:
General Administration Levy
This levy covers costs which occur regularly on at least an annual basis.
Maintenance Plan Levy
This levy, when approved, is raised over a minimum of a ten (10) year period to cover
costs in relation to major capital items anticipated to require repair and/or replacement less frequently than annually.
Capital Project Levy
This levy is to cover costs incurred in the upgrade and/or purchase of new capital items.
A one off levy to cover a unique circumstance.
The Knight Alliance recommends that all Lot owners of an Owners Corporation pay their levies prior to the due date to avoid action being taken to recover unpaid levies.
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