No, your levy pays for building insurance as well as security, cleaning, repairs, and maintenance of all common spaces. Levies are only intended to maintain the common areas of a sectional title development.
What do Levies cover?
Property owners in a sectional title institution, such as a townhouse complex or a cluster development, are responsible for paying additional fees on top of their regular monthly dues.
In addition to being obligated to pay property taxes, owners of real estate located in a sectional title establishment, such as a townhouse complex, a cluster development, or a block of flats, are additionally liable for a monthly levy that must be sent into the bank account of the body corporate.
The body corporate of a sectional title development is comprised of all of the unit owners, but the trustees are the ones who are in charge of the day-to-day management and maintenance of the complex.
Members of the body corporate vote for trustees at the annual general meeting, and those trustees are obligated to act in a manner that is beneficial to the organization as a whole after being elected. or condominium complex, are responsible for a monthly charge that must be deposited into the bank account of the body corporate. In any sectional title development, all of the owners of the individual units make up the body corporate.
However, the trustees are the ones in charge of the day-to-day operations and maintenance of the complex. At the annual general meeting of the body corporate, the members vote for the trustees, and the trustees are expected to operate in a manner that is beneficial to the body corporate as a whole.
It is possible for a sectional title development to impose an additional special levy on top of the regular levy in order to raise additional funds for significant projects.
Because your share of the property taxes is not covered by the levy, you will be responsible for making separate payments to cover it. Your assessment pays for the costs of safety and security, as well as the cleaning, repairs, and upkeep of all shared areas, as well as insurance coverage for the building.
Within a sectional title development, levies are for the only purpose of paying for the maintenance of the common property. They do not cover the upkeep that occurs within each individual unit; therefore, costs such as repainting the interior of the property are the responsibility of the owners.
It is possible for a sectional title development to impose an additional special levy on top of the regular levy in order to raise funds for important projects. These projects might include painting the complex and the outside of the units, making upgrades to the security system, or adding amenities such as a clubhouse or swimming pool.
The funds collected are used to cover a variety of expenses, including administrative costs such as management fees, bank charges, and stationery; municipal expenses such as water, electricity, refuse collection, and sewage; and insurance costs for the entire property, but not for the contents of each individual unit.
See some of these articles for more information:
https://www.property24.com/articles/everything-you-need-to-know-about-paying-levies/24193
