Understanding Condo Taxes
When you purchase a condo, you will be required to pay property tax. Property taxes are fees that are charged by the government to the owner of a property. As a condo owner, you are responsible for paying your own property taxes. The taxes for a condo or townhouse are usually lower than those for a single-family home.
How Property Taxes are Calculated
Property taxes are calculated based on the value of your property. The value of your property is determined by an appraisal. The taxes for a condo or townhouse are usually lower than those for a single-family home. Property taxes can range from 1.5 percent to 2.5 percent of the property value after appraisal. Property taxes are made up of a municipal portion and an education portion.
Understanding Property Taxation and Fees
Property taxation and fees can be confusing for new condo owners. It is important to understand the different types of fees that you may be responsible for paying. In addition to property taxes, you may also be responsible for paying condo fees. Condo fees are fees that are charged by the condo association to cover the cost of maintaining the property's common areas. It is important to budget for both property taxes and condo fees when purchasing a condo.