03-03-2004, 08:28 PM
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Commander
  
Join Date: Jun 2000
Location: The Toilet Capital of America
Posts: 1,308
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taxes on a condo
So what are the taxes base on. I'm looking at condos and there is this one building up in WHite Plains NY. One apartment in the building the tax is $2900. Another one is $3200 and still another one is $3100. Why the difference? Is it base on size? Which floor it's on? Value? Also how often does the tax change or is it based on the condo board? I thought the condo board only has power to change the comm fee.
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03-03-2004, 09:59 PM
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Picture of the Day Guru
 
Join Date: Oct 2002
Location: Sunny San Diego
Posts: 8,070
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Taxes on a condo are the same as they are on houses. It depends on the tax rates in your area and the value of the property. For income tax purposes, you can deduct your mortgage interest and property taxes, but not homeowners association fees. If one unit in a building has a different value, it will be taxed at that value. Different states have different rules on when the value of a property can be changed. Here in California it is based on the purchase price but they can increase your value by a maximum of two percent a year for assesment purposes. If somebody bought an identical unit for more money (perhaps more recently) their tax bill will be higher.
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03-04-2004, 07:20 AM
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Commander
Join Date: Oct 2001
Location: I live in my own little world. But it's OK...they know me here.
Posts: 1,496
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oh! in NY they have a HUGE mortgage tax! I have the info at work, I'll try to get the exact amount, but yeah it's huge, some lenders find a way around it, and some can't.
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03-04-2004, 10:21 PM
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Chief of Naval Operations
 
Join Date: Jun 2000
Location: the ghetto's of bawlmo'
Posts: 10,964
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area, sq feet., value
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