I'm looking at a highrise condo for sale in a building downtown that has about 200 other condos inside. In addition to whatever the mortgage on the highrise ($320k) would be there is also a $900 monthly aintenance fee. I'm just wondering if property taxes are paid by whoever manages the building and included in the monthly maintence fee or if I'll have to be paying property taxes in addition to my mortgage and monthly fees.
Thanks.
2007-11-20 14:37:03 · 11 answers · asked by Dana_Marie 2 in Business & Finance ➔ Renting & Real Estate
You pay the property tax, it comes out of the escow of your mortagage account including your insurance. If you have mortgage questions ask your bank mortgage person to clearify your questions.
2007-11-20 14:43:39 · answer #1 · answered by Minot_1997 5 · 1⤊ 0⤋
You need to double check but usually the property taxes are paid seperate from the maintenance fee. You will likely have the rolled into the PITI of the mortgage.
In some instances, however, the monthly fee includes tax but it's very rare.
You can ask the sales person and/or check the condo association documents to be sure.
Hope this helps.
2007-11-20 22:42:39 · answer #2 · answered by techbankguy 4 · 0⤊ 0⤋
Yes. Unless spelled out specifically in the condo fees you will be responsible for property taxes.
good luck!
2007-11-20 22:43:19 · answer #3 · answered by Rush is a band 7 · 1⤊ 0⤋
Nice wishful thinking! The state will be hitting you up for property tax in Oct.
2007-11-20 22:40:00 · answer #4 · answered by deirdrezz 6 · 0⤊ 0⤋
The property taxes are paid by the borrower in the monthly payment to the lender. (PITI)
2007-11-20 22:42:50 · answer #5 · answered by !!! 7 · 1⤊ 0⤋
$900/monthly maintenance fee!!!! that is way too much unless you have the money to throw away!!!
Unless you love THAT specific place, I would advise to find a different place, or possibly a small home for that price...
best to you...
2007-11-20 22:42:11 · answer #6 · answered by Julie M 1 · 0⤊ 0⤋
YES. I'VE WORKED IN THE MORTGAGE BUSINESS FOR OVER 5 YRS, AND YES YOU DO. WE HAVE TO FIGURE A PERSON'S PROPERTY TAXES INTO THEIR DEBT TO INCOME RATIO, TO SEE IF THEY QUALIFY FOR THE LOAN, AND YOU MOST DEF HAVE PROPERTY TAXES ON THIS, AND NO TAXES ARE NEVER PAID TO THE HOME OWNER'S ASSOCIATION. BEST TO YOU.
2007-11-20 22:50:01 · answer #7 · answered by Anonymous · 1⤊ 0⤋
It depends on where you live
2007-11-20 22:39:51 · answer #8 · answered by Kikki 4 · 1⤊ 0⤋
im not for certain but i think you do
2007-11-20 22:39:39 · answer #9 · answered by GG 7 · 1⤊ 2⤋
I don't know.
2007-11-20 22:40:04 · answer #10 · answered by peace.live.love.laugh 4 · 0⤊ 3⤋