For co-ops yes, the maintenance payment for each apartment includes their portion of real estate taxes. Co-op ownership is structured the way that the entire building gets one tax bill. Individual apartment owners don't own a real property, but instead they own shares that are allocated to their apartment. So every shareholder's portion of the property tax bill is calculated according to the number of shares they own in the corporation and is included in their maintenance bill. Hope this helps. Thanks for watching.
@joez3706 Generally speaking co-op apartment owners get pretty much the same tax treatment as other homeowners, but everyone's tax situation is unique. There are some general rules, but it's always a good idea to consult with a tax professional or accountant who is familiar with co-op related tax issues to get guidance tailored to your specific circumstances. Also, just note that some special rules apply for co-ops and that specific cooperative housing corporation itself also has to meet certain conditions. So when it comes to personal income taxes and deductibility of certain items, I recommend consulting with an accountant.
Do maintenance fees always cover property taxes?
For co-ops yes, the maintenance payment for each apartment includes their portion of real estate taxes. Co-op ownership is structured the way that the entire building gets one tax bill. Individual apartment owners don't own a real property, but instead they own shares that are allocated to their apartment. So every shareholder's portion of the property tax bill is calculated according to the number of shares they own in the corporation and is included in their maintenance bill. Hope this helps. Thanks for watching.
@@SargisMosyan it does help, is the tax deductible as it would be for a condo or a home?
@joez3706 Generally speaking co-op apartment owners get pretty much the same tax treatment as other homeowners, but everyone's tax situation is unique. There are some general rules, but it's always a good idea to consult with a tax professional or accountant who is familiar with co-op related tax issues to get guidance tailored to your specific circumstances.
Also, just note that some special rules apply for co-ops and that specific cooperative housing corporation itself also has to meet certain conditions. So when it comes to personal income taxes and deductibility of certain items, I recommend consulting with an accountant.
@@SargisMosyan thanks much 👍