Last updated on November 4th, 2024 at 12:55 pm
Condominium association dues are one of the cash outlays usually overlooked and ignored by many condo unit owners. Later do they realize the toll it takes on them and their pockets. Aside from paying for the monthly unit amortization and real estate taxes, condo owners would have to pay a considerable amount for condominium association dues that are usually due for payment every month. Furthermore, Value Added Taxes are imposed on these dues collected by condominium operators, as stated in the Revenue Memorandum Circular (RMC) No. 65-2012. As an effect, the condo fees paid by condo unit owners in many cases have also increased[1].
It’s not all that bad, though. Just as subdivision homeowners pay for security services and other maintenance fees and just as individual homeowners pay for basic utilities, such as plumbing and electrical services or maintaining their surroundings, condo owners need to pay for condo dues for similar services. The condo dues usually vary per owner depending on the unit and parking size bought[2], as well as services and facilities available to unit owners[3]. The following are the services and facilities you pay with your condo dues:
- Electricity in common areas;
- Water for cleaning condo premises, for pools, and for watering of plants;
- Salary of security guards, cleaners, electricians and plumbers, gardeners, receptionists, and concierge;
- Installation and maintenance of security systems, lighting systems, heating systems, and generators; and
- Common condominium maintenance, such as parking maintenance, roof repairs, lobby repairs, and common restroom repairs.[4]
Other inclusions of condo fees may include added privileges, such as use of business function rooms, roof deck facilities, guest suites, and more.
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Source/Links:
[1] http://www.foreclosurephilippines.com/condo-association-dues-now-subject-to-vat/
[2] http://www.pinoymoneytalk.com/tips-buy-condo-philippines/
[4] http://www.pinoymoneytalk.com/tips-buy-condo-philippines/
http://www.styleathome.com/homes/real-estate/condo-fees-explained/a/38726