Assessing Condo Fees & Special Levies
Assessing Fees
Assessing Fees
Based on Unit Factors or Otherwise
On registration or redivision of the Plan, the Corporation will submit a schedule detailing the unit factors assigned to each unit. The unit factors can be based on square footage or the initial market value compared to the rest of the complex. In Alberta, the total number of unit factors in a plan is 10,000, and this divided amongst the units.
Assessments are based on a proration (unit factors) unless the bylaws specify another method. Most commonly the other method is an equal share given to each unit.
Condominium Fee Assessments
Condominium fees assessments are the reasonable amounts required to cover all of the expenses of maintaining the common property. These assessments can also fund the reserve fund requirements identified by the Board in its five year Reserve Fund plan. These assessments are normally levied monthly, according to the annual budget.
Special Levies
If the regular assessments of condominium fees are inadequate to cover expenses, a special levy may be made. As soon as a resolution is passed, the Board must inform each owner of the purpose, amount, method of allocating the levy to units, the owner’s share, and the due date, and any dates that installments are due. The unspent money must be transferred into the reserve fund.