Property Taxes on Common Property | <– Date –> <– Thread –> |
From: Thomas Lofft (tloffthotmail.com) | |
Date: Fri, 30 Mar 2012 12:04:33 -0700 (PDT) |
In MD, all communities owning common property in the name of the Community Association are entitled to have the common property exempt from assessment and taxation in as much as the common property is never sold or purchased individually by any Seller or Purchaser of a home. The value of the community property is imputed as being a part of the value of the individual residences being sold and purchased by private parties. If the common use property is retained in the private name of the developer or a partnership or corporation that is not a registered Community/Homeowners' Association, then it continues to be assessed and taxed as private property. For example, if the community were to rent a home from a private owner and use the rented property as a common use property, the owner would have to pay local government and state property taxes. In any case, all expenses of the Community Association are budgeted for on an annual basis. The Community Association assessments are then levied against each individual property owner and payable as a monthly assessment. Tom Lofft Liberty Village, MD Date: Thu, 29 Mar 2012 20:34:56 -0600 From: "Shari Hirst" <sharihirst13 [at] gmail.com> Subject: [C-L]_ Property Taxes on Common Property To: "Cohousing-L" <cohousing-l [at] cohousing.org> Message-ID: <BC21E43441B7474B95C2CB07FDC7AEEB@warmfeelings> Content-Type: text/plain; charset="iso-8859-1" ElderGrace in Santa Fe, NM, is wondering how other CoHousing communities handle property taxes on their Common buildings. Do you pay property taxes on Common buildings and how are they collected? Does your County divide it and charge each member for their share or does your County charge your HOA a separate bill? Thank you for your information. Shari Hirst sharihirst13 [at] gmail.com ElderGrace CoHousing Santa Fe, NM 87507
- Re: Property Taxes on Common Property, (continued)
- Re: Property Taxes on Common Property Mabel Liang, March 29 2012
- Re: Property Taxes on Common Property Diana Carroll, March 30 2012
- Re: Property Taxes on Common Property drmaryanngroups, March 30 2012
- Property Taxes on Common Property Joel Plotkin, March 30 2012
- Property Taxes on Common Property Thomas Lofft, March 30 2012
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