Condominium Contributions
Condominium contributions cover the cost of owning and operating a condominium’s common property. Contributions are based on the funds required by the annual operating budget, including the amount to be added to the reserve fund. This total is divided among all unit owners according to their proportional share of ownership and then divided into monthly installments. Contributions are commonly called “condo fees” but this term is misleading since it implies a penalty or a fee for services rather than the cost of ownership.
See also:

Common Property
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