Condominium owners, like owners of other forms of real estate, are typically subject to annual levies based on the assessed value of their property. This assessment often considers factors like the unit’s size, location within the complex, and amenities available to residents. For example, a larger unit in a building with a swimming pool and concierge service might have a higher assessment than a smaller unit in a building without those features.
These levies are a crucial source of revenue for local governments, funding essential public services like schools, road maintenance, and emergency services. Understanding the specific regulations and rates applicable to condominium ownership is vital for both current and prospective owners. Historically, the taxation of condominiums has evolved alongside the growing popularity of this housing model. The treatment of these units as individually taxable properties reflects the legal recognition of individual ownership within a multi-unit structure.
