Quote:
Originally Posted by Bigtime
My situation is confusing, we took posession of our unit in January of last year. However it is a brand new building and the city hadn't assesed all the individual units, so taxes were paid lump sum for most of the year by the entire building via the lawyers. I don't really have a baseline to compare to this years taxes as a result.
Edit: The post above mine probably describes our situation better than I could!
|
Yeah, that happens a lot with condos. The city doesn't assess individually until the legal units are created which often happens after possession. In that case the same thing I said above is true, but it's prorated based on your unit factor so that the adjustment is for x days at y/10000 X Property Taxes for the whole building. y/10000 is your share of the taxes for the whole building.