The Peers Village Levies paid by the residents are there to cover the operating costs of the retirement village.
Levies represent the occupants pro rata share of the cost of operating the village. Levies are calculated on the size of each cottage in square meters in proportion to the total square meters of all cottages in the village (this is similar to the method specified in the Sectional Titles Act).
The levy covers the costs of refuse removal, exterior maintenance, insurance of buildings, security, lease of mini bus, maintenance of lawns and common garden areas, water used for irrigation, primary health care and general management and staff costs. The levy, however, does not include municipal rates, consumption charges applicable to the units such as, inter alia, water, sewerage, electricity, CSOS Levy, local authority availability charges and other consumption charges that may become necessary from time to time.
Levies escalate annually on the 1st September each year. The underwriting by the Trust ensures that the levies will not escalate by more that the higher of the CPI or CPIX rate of inflation for the previous year as published for the period ending on the 31 July each year.
The Occupant is, over and above the levy, liable for rates on the cottage. The rates applicable to the unit are calculated as a pro-rata share (calculated on the size of the unit in square meters in proportion to the total square meters of all cottages in the village) of the total rates bill applicable to the property. The Trust does not underwrite any potential increases in the rates levied by the local authority.