FrankD2 (New Jersey)
Posts: 58
Posts: 58
Posted:
DOES YOUR HOA PAY PROPERTY TAXES ON THEIR PROPERTY.
IF NOT, WHY?
IF NOT, WHY?
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PROPERTY TAXES
Started by FrankD2 • 9 replies • 2505 views
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JamesG (Connecticut)
Posts: 83
Posts: 83
Posted:
In our towm, since the HOA does not own any property, the assessed value of the common elements is incorporated into the assessed value of each unit, in proportion to the unit's share of the common eleemnts based on our Declaration. Therefore, each unit owner pays the property tax on their unit and also their share of the common elements.
MicheleD (Kentucky)
Posts: 4,491
Posts: 4,491
Posted:
Our common areas are tax exempt.
EverettC (Maryland)
Posts: 90
Posts: 90
Posted:
Our common areas are also tax exempt.
TracieS (Colorado)
Posts: 460
Posts: 460
Posted:
The taxes assessed on the common area is subdivided by the number of units in our association, and the owners pay their percentage through their own taxes.
BrianB (California)
Posts: 2,820
Posts: 2,820
Posted:
In my former HOA, and my current one, the HOA pays the taxes on the common areas, and that goes into the calculation for the needed budget each year, just like insurance, road maintenance, etc...
LynetteB (Texas)
Posts: 141
Posts: 141
Posted:
I'm in Texas, and our POA has six "parks" / "common areas". The county appraises each for $100 and the POA pays tax on that, which is included in our budget. We are a single family home subdivision and all lot / home owners are appraised individually and pay their own tax based on the size of home and other improvements.
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
I'm in a planned community of single family homes. All the common areas are owned by the HOA and subject to property taxes; however, HOAs have a special rate which is very low.
GloriaM (North Carolina)
Posts: 829
Posts: 829
Posted:
Frank;
You have to apply to the Tax Assessor to exempt your HOA, especially if it is filed in NJ as a not-for-profit corporation. Upon filing the tax assessor will incorporate the common areas into everyone's taxes within the community.
You have to apply to the Tax Assessor to exempt your HOA, especially if it is filed in NJ as a not-for-profit corporation. Upon filing the tax assessor will incorporate the common areas into everyone's taxes within the community.
MaryA1 (Arizona)
Posts: 7,043
Posts: 7,043
Posted:
Gloria,
Does this apply to condos only? I know I'd be complaining about such a practice if I lived in a planned community (single family homes)!
Does this apply to condos only? I know I'd be complaining about such a practice if I lived in a planned community (single family homes)!
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