How are body corporate levies calculated?

Your share of the levy is determined by your lot entitlement. The formula is: Your lot entitlement ÷ Total scheme entitlements × Total levy raised = Your levy Lot entitlements are set when the scheme is registered and reflect the relative value or size of each lot. They are recorded in the community management statement. A lot with a higher entitlement pays a larger share of the levy. The total levy amount is determined by the budget approved at the AGM — the committee prepares a budget for each fund, owners vote to approve it, and the levy amounts flow from that approval. This article is general information only and not legal advice.