Are Property Taxes Lower On Townhouses And Condos? | Rock-n ...

Q: Are property taxes generally less on townhomes or condos because you don?t own the land? We are considering buying one in the Chicago area and wondering if we can save in property taxes by buying a condo instead of a house. Thank you.
?Mason, Bloomington, IL

A: Hello yes, property taxes are usually cheaper in townhomes or condos than in single family homes. But you also need to consider that in a townhome or a condo you will usually find association fees that you would normally not find on a single family home (although some communties do have small associations). Depending on the townhome or condo community you may have an assocation that has a pool and a tennis court, someone has to pay for the upkeep of that, that is where you as an owner of a condo would have to pay through the association. You would probably pay more with these extras than in a condo or townhome that didn?t have these amenetities. Then you are paying for upkeep and maintence, usually repairs on the roof, sometimes the windows, common areas. Some condos you even pay for heat throught he association. I am in the northern suburbs of Chicago if you need help, Mary Jo with Coldwell Banker.
Mary Jo Fiore-Posterli is is a Realtor? with Coldwell Banker Residential Brokerage in Lake Forest, IL.

A: Dear Bloomington, IL

First off all, you need to understand that a town home has land under it in which you would own and a condo does not. Property taxes involve many variables which for the most part is about home values by location, age, and services. You could find a roomy home that has far less property taxes because of age or location than a high-end condo in the metro section of downtown Chicago, or vice versa. Remember, also, that town homes and condos have both property taxes plus home owner association fees. Be sure to calculate all expenses when making comparisons. Your Realtor can help you with that when you are making your decisions.

Best to you!

JoyceM
Joyce Mitchell is a Realtor? with Mitchell & Associates Real Estate in Bigfork, MT.

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