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July 2011 Moms
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NBR- Q for those that OWN condo's

Kristen61607Kristen61607 member
in July 2011 Moms

DH and I were watching property virgins last night and a couple was in the market for a condo in Toronto...

We were just wondering, do you have to pay property tax when you OWN a condo? We know there's no tax when you rent, but we were just curious if it was different if you buy one.

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Re: NBR- Q for those that OWN condo's

  • melissa.1985melissa.1985 member
    Yup, our property tax for a condo in downtown Chicago is about the same for a huge house (with a lot of land) in Wisconsin.
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  • SaphireShimmerSaphireShimmer member
    Yup. Our place is classified as a condo but its more of a townhouse. But we definitely have to pay property taxes...
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  • ring_popring_pop member
    Yes.
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  • Kristen61607Kristen61607 member

    Interesting! So do you pay your taxes on top of your Homeowners Association fees? 

    Sorry I seem so clueless but we live in the country so we've only ever owned houses...I don't even know if there are condos around here?! lol!

     

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  • aichandaichaichandaich member

    Yes to association fees AND property taxes.

    Association fees typically cover exterior maintenance and repair, lawncare and landscaping, snow removal, trash removal, and ours includes water. And common area taxes.

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  • melissa.1985melissa.1985 member
    Yup! Our assessment (home owners association fee) is A LOT! Probably more than most people pay to rent but that's because we live in the John Hancock and have to pay for terrorism insurance.
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  • caraleebcaraleeb member
    imageheatherlbuck:

    Yes to association fees AND property taxes.

    Association fees typically cover exterior maintenance and repair, lawncare and landscaping, snow removal, trash removal, and ours includes water. And common area taxes.

     

    Same here, im in BC.  Though our Strata/Association fee's do not include water/hydro. We do pay less than you would for a house in our area though.



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  • ring_popring_pop member

    When you own a condo, you own a dwelling unit plus a share of the common elements (e.g. hallways, elevators, swimming pools). This doesn't necessarily mean high rises. Townhouses and gated communities can take this form of ownership as well. I live in a townhouse condo where common elements include a big playground.

    So, you have to pay property taxes on your unit. But someone also has to maintain the common parts so you also pay fees for maintenance of the common elements. HOA fees can be a pain but sometimes they're advantageous because they may cover things like electricity, water and even cable. Often the condo corporation or HOA can negotiate group discounts for these things, which is why they collect fees to cover them rather than having the condo owners pay individually.

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  • pixiegirl131415pixiegirl131415 member

    We are in a condo, and yes, we definately pay property taxes. In fact, we have a garage stall in the basement, and found out the first year we owned it that THE STALL actually has it's own property tax! Isn't that ridiculous?

    Any piece of real propery will have property tax that the owner has to pay. If you rent a condo, the owner pays the property tax and the cost is just figured into your rent.

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  • MrsWilliams2BMrsWilliams2B
    Yup! We pay property tax and HOA (a.k.a. dictatorship (sp?) fees. The fees cover re-seeding the community lawn every year because we are not allowed to use water outside...snow removal, replacing curbs, and general maintenance of the community. We are responsible for the "paint and inside", but the gutters and such. Thank God we won't be here much longer!
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  • goteamgogoteamgo member
    Yup, condos are property. We pay super high Cook County (IL) property taxes, whee! And yes, a homeowners' association monthly fee. But, I wouldn't live in a house again for anything right now. Been there, done that.
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  • momtoRaegan041008momtoRaegan041008 member
    We use to own one, but we have a single family home now.  Anyway, yes you still pay property taxes on the condo and the association pays property taxes on the land. 

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  • lisamoelisamoe member
    Yes...we have property tax and maintenence fees. And our property tax is almost as much as a four bedroom house right down the street and we have a two bedroom condo!  Unless you decide to stay for a while, or only need small/limited space I would def research before invensting in a condo. We bought ours 4 yrs ago and the value of our property has decreased by $23,500! Which means, we are going to owe bigtime when we go to move.  And we have to  move, because we have NO room!!! grrrrr!!!!

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  • Hopeful11Hopeful11 member

    imagemelissa.1985:
    Yup, our property tax for a condo in downtown Chicago is about the same for a huge house (with a lot of land) in Wisconsin.

    Same here.  We live in Chicago too and property taxes are a real pain in the @ss!  I hate that bi-annual invoice that shows up in the mail.  We don't escrow the taxes so it's something we always save for. 

    We live in a gated community with Condos and Single family homes so we have to pay to the Condo Association and the Homeowners Association for assessments.  It sucks but in the end, it is worth loving where you live!  Especially when you don't have to cut your own grass, plow your own snow, etc.

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  • vanessalvvanessalv
    We're in Edmonton and currently live in a house but rent out the one bedroom condo I used to live in. We pay both property tax and condo fees for my condo, but it's really not that bad.  The city offers monthly withdrawals so I only have to pay $95 per month for the taxes instead of a lump sum once per year.  And our condo fees are only about $200 but that includes all exterior maintenance (snow removal, grass cutting, etc) and there is someone who cleans all of the hallways and common areas. And the best part is that the fee also includes our heat and water - pretty good deal!
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