In most cases, condo fees do not include property taxes according to bankrate.com. Fees are paid to the condo board to cover things such as maintenance and the cost of amenities. Owners pay property taxes to local or state agencies as required by tax law.Know More
As with a mortgage on a traditional home, condo mortgages may include prorated tax payments as part of an escrow fund. In such cases, condo owners should not have to make separate payments for property taxes, as those funds would be disbursed from escrow at the appropriate time.
It's important to note the differences between owning a condo and a co-op, because they could impact tax payments. Bankrate.com offers information explaining the differences between owning part of a co-op and owning an actual condo.Learn more about Taxes
Senior homestead exemptions for property taxes typically stipulate that the qualifying senior must be at least 65 years of age, must own the property and reside in the residence, as stated by Illinois Revenue. States can grant automatic exemptions or require submission of an application to qualify.Full Answer >
The person who gives property or a sum of money to someone other than his spouse is the party responsible for reporting the gift and paying the taxes on the gift, states About.com. The taxes for the gift are due on or before April 15 the following year.Full Answer >
The IRS states that you cannot claim rent on your federal income taxes unless it is paid for property used in a trade or business. Some states allow a partial or full deduction on the state income tax return.Full Answer >
Real estate taxes are assessed on real or fixed property, such as a house, while personal property taxes are assessed on items that are not fixed and can be moved, according to the Lincoln Institute of Land Policy. Examples of personal property include cars, boats, and in some cases, mobile homes.Full Answer >