Do you have a tax liability if given a condo?

Answer Yes.Like on any home, you will pay a property tax. You can discover the amount by inquiring of your county or provincial property tax assessor where the condominium is situated.

Top Q&A For: Do you have a tax liability if given a condo

What is the formula to determine the needed reserves for a condo association given the size and age of the condo properties?

The basic way is to identify the components there really is NO specific formula.Set a standard for replacement:Say any item that would cost $10000 to replaceNow you take the useful life span of the... Read More »

Do boundary lines on condo divided land have any legal significance regarding liability?

Yes. The legal boundaries of your particular unit are set forth in the Master Deed that established the condominium. You are liable for any damage or injury that takes place within the boundaries o... Read More »

If I missed paying a special condo assessment with only one notice given do I have to pay lawyer collection fees?

When you miss paying a condominium special assessment, the board -- in this case quite quickly -- can choose to take legal action against you collect the funds.If the board has incurred these legal... Read More »

How should I handle liability insurance given that I pay local handymen to fix roof leaks and they don't have insurance?

I'm assuming you have homeowners insurance. You should contact your agent or the policy services dept. of your insuring company and discuss this with them, there may not be coverage under your liab... Read More »