Q:

Do condo fees include property taxes?

A:

Quick Answer

In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.

Continue Reading

Full Answer

As with a mortgage on a traditional home, condo mortgages may include prorated tax payments as part of an escrow fund. In such cases, condo owners should not have to make separate payments for property taxes, as those funds would be disbursed from escrow at the appropriate time.

It's important to note the differences between owning a condo and a co-op, because they could impact tax payments. Bankrate.com offers information explaining the differences between owning part of a co-op and owning an actual condo.

Learn more about Taxes
Sources:

Related Questions

  • Q:

    Is preschool tax deductible?

    A:

    As of 2015, the fees for preschool are not tax deductible, but parents who work or go to school may be eligible for the child care credit on their taxes. The child care credit covers any fees for child care, including day care, preschool, before- and after-school programs for older kids, nannies and babysitters.

    Full Answer >
    Filed Under:
  • Q:

    Who is responsible for conducting delinquent property tax sales?

    A:

    The county tax collector or government office assigned to taxes conducts the sales of property with delinquent taxes, SFGate notes. The tax collector must first place a lien against the property before initiating any sale.

    Full Answer >
    Filed Under:
  • Q:

    What are some services of the Cook County Treasurer's Office?

    A:

    The Cook County Treasurer's Office is primarily responsible for distributing information and collecting fees associated with property taxes in Cook County, Illinois, reports the Cook County Government; the services the office provides in conjunction with this responsibility include providing refunds on overpayments and mailing paperwork to individuals responsible for paying property tax in Cook County. Cook County residents can call the Treasurer's Office to ask questions about their property tax bill or to access records of the county's financial activities, including investments made with property tax revenue. The Treasurer's Office website allows property owners to pay their tax bill online or to access informational brochures in languages other than English.

    Full Answer >
    Filed Under:
  • Q:

    What is tax exempt?

    A:

    Tax exempt refers to a person or company that is not required to pay taxes, such as income taxes, property taxes or sales tax on specific items. Eligible individuals and organizations have a tax exempt ID number to prove that they are not required to pay certain taxes.

    Full Answer >
    Filed Under:

Explore