Cohousing-L Mailing List: Re: Property Taxes on Common Property

[Diana Carroll (dianaecarroll]

In Massachusetts condominiums are taxed individually for each unit which
includes a proportional share of the tax for the whole property.

Just as in a single home you don't pay a separate tax on, say, your garage.
Rather, having a garage raises the valuation of the home and thus raises
yours taxes. Likewise, having shared ownership of a common house and other
common elements raises the value of each individual unit. Those elements
are not taxed separately.

Remember that the HOA doesn't actually own anything. The condominium owners
collectively own the common elements. The pool their money to take care of
their collective property and the entity that manages that money and that
care taking is the HOA. the HOA is not a property owning entity.

I'm curious to know if NM handles condominium ownership differently. I'm
only familiar with condos in MA and NH.

On Thursday, March 29, 2012, Shari Hirst wrote:

>
> 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 <javascript:;>
> ElderGrace CoHousing
> Santa Fe, NM  87507
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