Condo fees are charged by the condominium corporation to run the day-to-day business of a condo as well as pay for future repairs and upgrades to the building. Property taxes are charged by the city or county to run the city or county and pay for future repairs and upgrades. They do seem quite similar – condo fees being like a tax for the condominium. That is where the similarity ends, however. Since the two organizations are not associated with each other they cannot take payment for one another. You can’t pay your taxes to the city and pay your condo fees at the same time – so nby the same token, you can’t pay your property taxes to your condo board. That would be like paying for your drycleaning bill at the grocery store – the two just aren’t related.
It should be noted that sometimes property taxes are paid along with your mortgage payment. Because banks are in the business of lending money, they pay them in advance and charge you later. You can check with your bank or mortgage broker to see if that is the case – just don’t assume they’re paid and forget to save up for them – it’ll save you a headache later.
To find out what your condo fees do cover, just ask a condo board member or read your condo bylaws. That’ll let you know everything that is included. Anything not written down would not be covered.
by +Alan F Macdonald REALTOR® | Copyright © – gimme-shelter.com