Making some sense of common condo lingo

The terms “levy” and “condominium fees” are usually used interchangeably. A levy is simply the amount that the condominium corporation charges on a monthly basis to operate the corporation. Many people would call that their monthly condominium fee (or condo fee). A “special assessment” would be the imposition of an additional fee for a specific purpose.

Helpful hint: The language in the Condominium Property Act is somewhat antiquated. However, when boards use terms, they should be using them correctly.

Read full story here.

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