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Timely payment of levies is crucial for the smooth operation of sectional title schemes. It ensures that the Body Corporate has sufficient funds to cover all shared expenses and maintains the property value for all members.
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Each member of a sectional title scheme is assessed a monthly levy based on the budget approved by the body corporate. This budget covers all foreseeable expenses such as maintenance, security, insurance, and administrative costs. Once assessed, levies are billed to homeowners regularly, typically on a monthly basis.
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