ElonaB (New York)
Posts: 8
Posts: 8
Posted:
Hi, what does a condo owner pay taxes for condo unit? Do we pay taxes on internal walls/floors/celings or do we also pay taxes for common areas?
Thanks,
Elona
Thanks,
Elona
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taxes on a condo unit
Started by ElonaB • 3 replies • 1094 views
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BruceF1 (Connecticut)
Posts: 2,535
Posts: 2,535
Posted:
Quote:
Posted By ElonaB on 01/28/2013 10:03 AM
Hi, what does a condo owner pay taxes for condo unit? Do we pay taxes on internal walls/floors/celings or do we also pay taxes for common areas?
Thanks,
Elona
Hi, what does a condo owner pay taxes for condo unit? Do we pay taxes on internal walls/floors/celings or do we also pay taxes for common areas?
Thanks,
Elona
,The answer to your question is that it really depends on how the statutes regarding (real estate) property taxes are written in your state.
LauraR5 (Tennessee)
Posts: 220
Posts: 220
Posted:
I live in a townhouse, and I pay taxes on my dwelling and the piece of land that it's built on. I think it's different if you live in "apartment-style" condos. However, everyone in the association pays the taxes on the common land through assessments.
LarryB13 (Arizona)
Posts: 4,099
Posts: 4,099
Posted:
Elona,
I don't know how the assessor handles this everywhere, but my brother-in-law owns a condo in an 11-unit complex in Phoenix. All 11 units are of identical size and floor plan. The assessor's map does not show a separate parcel number for the common areas, only parcels for each of the 11 units.
From that I assume that each owner is assessed 1/11 of the taxes due for the entire complex. If the units were not identical then there might be some more complex method of calculating taxes, such as the square footage of each unit plus its share of common elements.
BTW, there is no way to make sense of property taxes. My rural association is still mostly undeveloped parcels of 36 acres and more. One person may be assessed $400 a year while the neighboring property is $700. My taxes went down last year while another owner's went up. Go figure.
I don't know how the assessor handles this everywhere, but my brother-in-law owns a condo in an 11-unit complex in Phoenix. All 11 units are of identical size and floor plan. The assessor's map does not show a separate parcel number for the common areas, only parcels for each of the 11 units.
From that I assume that each owner is assessed 1/11 of the taxes due for the entire complex. If the units were not identical then there might be some more complex method of calculating taxes, such as the square footage of each unit plus its share of common elements.
BTW, there is no way to make sense of property taxes. My rural association is still mostly undeveloped parcels of 36 acres and more. One person may be assessed $400 a year while the neighboring property is $700. My taxes went down last year while another owner's went up. Go figure.
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