Special levy shock syndrome (SLSS)
Special levies are dreaded by most strata property owners. However, it is important to understand that they are raised to cover shortfalls in the budget to pay for essential expenses (e.g. fire safety compliance, building defects and building upgrades).
If you find yourself receiving a special levy notice and you are shocked and unsure why you’ve received it (aka special levy strata shock syndrome – SLS), you should investigate why a special levy has been raised. Refer back to the minutes of your recent general meeting, as it should clearly state the reasons for a special levy, amount to be raised and the due dates. If you are still unclear, speak with your strata managing agent.
If you are experiencing financial difficulty and are unable to pay for the special levy, it is important to contact your strata managing agent immediately to discuss a payment plan.
To avoid SLS in the future, attend meetings and ensure that you are up to date on building ongoings.
