Understanding Condo Fee Collection at May Tower II
Discover how your condo fees are calculated and collected, ensuring the smooth operation and maintenance of our community.
How Condo Fees Are Determined
Condo fees are calculated based on the annual budget, which covers the operational and maintenance expenses of the building's common elements. The management company projects these expenses for the fiscal year (July 1 - June 30), and the board of directors reviews and approves the budget.
The budget is an estimate, and once approved, condo fees are calculated using a formula outlined in your condominium declaration (Schedule D). This formula assigns a percentage to each unit, parking space, and locker based on factors like square footage.
For instance, if your total percentage is 0.408% and the annual budget is $2,044,380, your annual contribution is $8,341, resulting in a monthly fee of $695.
Important Considerations
The collection procedure applies to all charges from the condo corporation, including repairs for which the owner is responsible. Always clarify who is responsible for payment before scheduling repairs.
Important: Always confirm payment responsibilities before any scheduled repairs.
Even with disputes, timely payment of condo fees is crucial to avoid lien-related fees. The board of directors is committed to resolving disagreements fairly and promptly, in accordance with the rules.
Learn About the Lien Procedure View Your Condo Declaration