Are Property Taxes Lower on Townhouses and Condos?

Property taxes on townhouses and condos are generally lower

Because of a number of factors, including square footage and number of bedrooms, you can typically expect to pay lower property taxes on townhouses and condos than on single-family homes.

“A condo or townhouse has less space per taxpayer than a single-family home,” says Richard M. Prinzi Jr., CPA and co-founder of F-Sharp Tax Management Services. “In a condo living situation, many taxpayers will share in the tax due for the land and the common areas” such as hallways, lobby, and stairs, he says…..

 

The owner of a townhouse is usually solely responsible for paying taxes on the home and the land it’s built on, but that square footage, on average, is far less than the typical single-family home. Therefore, the taxes for a condo or townhouse are usually lower.

 

 

Realtor.com

 

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