A levy is a legal seizure of your property to satisfy a tax debt. Levies are different from liens. A lien is a legal claim against property to secure payment of the tax debt, while a levy actually takes the property to satisfy the tax debt.

Article I, Section 8, Clause 1: The Congress shall have Power To lay and collect Taxes, Duties, Imposts and Excises, to pay the Debts and provide for the common Defence and general Welfare of the United States; but all Duties, Imposts and Excises shall be uniform throughout the United States; . . .

Taxes are charged by the government on individuals and corporations and are used for a number of purposes. Taxes are usually not paid voluntarily and are, therefore, imposed on a company or an individual. A tax levy will allow the bank or financial institution to seize the assets of the tax payer.

A levy allows a creditor to withdraw money from a financial account—most commonly, a checking or savings account. The creditor then takes any future money that you deposit in the account until the creditor removes the levy (usually when the debt is paid in full). (Learn about the levy process.) Garnishment.

Rates, taxes and levies are fees paid to the authority that services your property such as a body corporate or municipality. These fees are dependent on your property type and are paid to the authority which services your property such as a body corporate or municipality.

Contact the IRS immediately to resolve your tax liability and request a levy release. The IRS can also release a levy if it determines that the levy is causing an immediate economic hardship. If the IRS denies your request to release the levy, you may appeal this decision.

The general formula to calculate the cost of a levy is based on a percentage of the total cost for the entire scheme, divided by the number of units on the property,” he says. “In order to finance these particular costs, the trustees of the scheme require owners to pay towards special levies.

What is a Levy? The levy is a monthly instalment paid by sectional title unit owners which facilitates the efficient day-to-day maintenance and management of the communal property of a Sectional Title Scheme.

The Body Corporate levies usually cover the costs associated with running the estate and include such items as management, security, repairs, garden, pool and common property maintenance, and common property electricity.

It is possible, then, for owners to face two levy increases in a year: an “interim” increase and an increase once the budget has been adopted at the AGM. But once the levies have been decided on after the AGM, neither the body corporate nor the trustees can implement a further levy increase in the same financial year.

Property tax is the tax liability imposed on homeowners for owning real estate. The municipal tax authority sets a percentage rate for imposing taxes, called a levy rate, which is then calculated against the assessed value of each homeowner’s property ad valorem (literally, “according to value”).

THE LEVY ROLL (example) This report gives full details of arrears, current charges, receipts and adjustments. Each receipt is listed separately and all debits and credits are clearly explained. The status of the occupant of a unit (owner or tenant) is noted.

to impose or collect by legal authority

How are body corporate levies calculated? The individual levy for each owner of a scheme is calculated by determining the total amount needed to maintain and manage the property for a year, then splitting that amount between all the owners.

The decision to raise a special levy can be made at any normal trustee’s meeting, provided that the proposed special levy is for a specific purpose.

A special levy must be raised and implemented at a general meeting of the owners’ corporation. It can only be introduced through an ordinary resolution – a majority vote (more than 50%) of owners who are eligible to take part.

The Trustee should not be entitled to remain in the office as a Trustee, pending adjudication of the matter. An Owner is not entitled to be nominated as a Trustee where a judgement or order for the payment of arrears has been granted against that Owner AND that owner fails or refuses to make payment of their arrears.

It’s important for trustees and owners to be aware that there is no law on what the maximum interest rate should be for late levy payments. However, a rate of 15.5% to 24% per annum is considered within reason. In other words, the interest charged may not exceed the total amount due.

The legal position in terms of the Sectional Titles Schemes Management Act 8 of 2011 (Management Rule 21(3)(c)) is the following: upon the authority of a written resolution by the trustees, a body corporate can charge interest on an overdue amount payable by a member, provided the interest rate does not exceed the …

It is possible for a body corporate to impose legally enforceable fines if the body corporate has properly adopted a carefully drafted rule providing for fining owners and residents. If, after the hearing, the trustees find the person to be guilty of breaching the rules they can impose a reasonable fine.

The statutory in duplum rule also applies for the entire period of the default, meaning that even if you reduce the outstanding charges through monthly repayments, the credit provider is not allowed to levy charges that will bring the total amount paid to more than double the original amount borrowed.

The in duplum rule has been part of South African law for more than 100 years – translated, in duplum means ‘double the amount’. This common law rule provides that interest on a debt will cease to run where the total amount of arrear interest has accrued to an amount equal to the outstanding principal indebtedness.

C:SARS had argued that the rule, which existed to protect debtors, was not applicable to such deemed income, where the question of protection of debtors did not arise. The Supreme Court of Appeal has reversed that decision on appeal, finding that the rule does not apply in such circumstances.

As already mentioned, the common law in duplum rule applies only to unpaid interest, whereas the statutory rule includes a number of costs, in addition to interest, which in aggregate may not exceed the unpaid principal debt at any point while the consumer is in default under a credit agreement.