Is there property taxes on condos?

Toggle sidebar Toggle sidebar
heat23

heat23

Elite Member
Oct 9, 1999
3,998
9
81
www.heatware.com
I live in Austin, TX if I bought my own condominium, do I have to pay property taxes on it? Or does that tax apply to houses only?

Thanks in advance
 
D

DaFinn

Diamond Member
Jan 24, 2002
4,725
0
0
Uups, I read "condoms" and was about to make a witty remark about... well, you know...
 
S

sisq0kidd

Lifer
Apr 27, 2004
17,043
1
81
Originally posted by: heat23
I live in Austin, TX if I bought my own condominium, do I have to pay property taxes on it? Or does that tax apply to houses only?

Thanks in advance
Click to expand...

i'll take the thanks...!
 
J

Jeraden

Platinum Member
Oct 9, 1999
2,518
1
76
You'll need to pay property taxes most likely. I bought a condo for my dad to live in (he pays me rent for it), and I have to pay property tax on it.
 
Triumph

Triumph

Lifer
Oct 9, 1999
15,031
14
81
someone told me that he wrote his condo fees off on his taxes. is that legit?
 
JulesMaximus

JulesMaximus

No Lifer
Jul 3, 2003
74,544
924
126
Originally posted by: heat23
I live in Austin, TX if I bought my own condominium, do I have to pay property taxes on it? Or does that tax apply to houses only?

Thanks in advance
Click to expand...

In CA you pay property tax on a condo. I would imagine it's the same in TX.
 
JulesMaximus

JulesMaximus

No Lifer
Jul 3, 2003
74,544
924
126
Originally posted by: Triumph
someone told me that he wrote his condo fees off on his taxes. is that legit?
Click to expand...

You can write off the property tax but not the condo fees. Unless he is using it as income property and not living in it. I'm assuming you are referring to some sort of monthy HOA fee? Loan processing fees like points paid are tax deductible though. On a refi you have to amortize them over the life of the loan though.
 
D

DBL

Platinum Member
Mar 23, 2001
2,637
0
0
Originally posted by: Triumph
someone told me that he wrote his condo fees off on his taxes. is that legit?
Click to expand...

Nope. I write off my property taxes on my condo as well as the mortgage interest. I make a monthly payment which includes my mortgage as well as my property taxes. the bank hold the property taxes in a fund and pays it every 3 months or so. Condo fees are separate and not deductible.

In a co-op, my understanding is that your common charge is a combination of maintenance as well as your taxes. That is why they are often advertised as 40% or 60% tax deductible. I think that represents the % of the common charge that goes to taxes.


 
D

DBL

Platinum Member
Mar 23, 2001
2,637
0
0
Originally posted by: heat23
anyone have a link to a website showing that there is property taxes on condos in texas? I'm trying to prove a friend wrong :)
Click to expand...

this perhaps
Texas
 

Condos are fee simple ownership, in almost all states you pay taxes on property you have fee simple ownership of.
 
M

Mallow

Diamond Member
Jul 25, 2001
6,108
1
0
Originally posted by: sisq0kidd
Originally posted by: wingsp

hi!!!


free delphi XM MyFi or sirius satellite plug & play
http://www.pdv001.com/index.php?id=o000015 has a
promotion
for free delphi XM MyFi or sirius satellite plug & play - i signed up
for it



free apple iPod (stores 5000 songs!)
http://www.pdv001.com/index.php?id=o000064 has a
promotion
for free apple iPod (stores 5000 songs!) - i signed up for it
Click to expand...

banner
Click to expand...
LoL, wtf is that? An advertisement on anandtech forums?
 
A

alent1234

Diamond Member
Dec 15, 2002
3,915
0
0
Originally posted by: Triumph
someone told me that he wrote his condo fees off on his taxes. is that legit?
Click to expand...

In NYC there are tons of co-ops which are sort of like condos. The common charge includes the HOA fees, property taxes and mortgage interest that the co-op pays. You can write the latter two off and the co-op will give shareholders the per share info of how much to write off.

 
You must log in or register to reply here.

TRENDING THREADS

COMPANY
RESOURCES
FOLLOW
Top Bottom