QUESTION
How is land value determined on a condo?
Asked on Sep 25th, 2014 on Residential Real Estate - New Jersey
More details to this question:
As a condo owner, I know that I don't own anything exterior to my unit, including land. However, my property tax assessment includes both land value and building value. How is the land value determined, if I don't actually own the land? My property taxes are similar to single family homes in the same area and this doesn't seem right.
1 ANSWER
2 Awards
As a condo owner, you are a percentage owner of the buidling, land and common areas. You are not assessed for the whole property, only your portion.
Answered on Sep 25th, 2014 at 3:45 PM
Diana L. Anderson, Certified Elder Law Attorney This response is not legal advice and does not establish any form of attorney/client relationship