Condominium homeowners, like homeowners of different types of actual property, are usually topic to annual levies primarily based on the assessed worth of their property. This evaluation usually considers elements just like the unit’s dimension, location inside the complicated, and facilities accessible to residents. For instance, a bigger unit in a constructing with a swimming pool and concierge service might need a better evaluation than a smaller unit in a constructing with out these options.
These levies are a vital income for native governments, funding important public providers like colleges, highway upkeep, and emergency providers. Understanding the precise rules and charges relevant to condominium possession is important for each present and potential homeowners. Traditionally, the taxation of condominiums has advanced alongside the rising recognition of this housing mannequin. The remedy of those models as individually taxable properties displays the authorized recognition of particular person possession inside a multi-unit construction.
