As condominium owner, your freehold ownership also makes you pro-rata owner of the plot on which your freehold property is situated. As a result, you become subject to property taxation. Property tax is levied on the ownership of plots and the built-up structures upon them. The tax dues depend on the value of the plot, and are remitted to the respective municipality. The property tax burden varies from one municipality to the next.
The property tax is not covered by the home owner association's budget, but is remitted by each condominium owner personally. If you acquire an occupied condominium as private investment, you may allocate the property tax to your tenant as part of the operating costs.
Whether Prior to an Acquisition...
Even ahead of an acquisition, the Accentro Real Estate Encyclopaedia offers interesting facts and decision guidance: We will coach you through the first steps on your path to homeownership. For instance, it provides information on the process flow of a condominium purchase. It will also tell you what sort of documents you need in order to buy property, and where to obtain them.
... or after – Our Real Estate Encyclopaedia Provides the Answers You Need
Once you have bought a property, you may wonder who is going to manage your condo and how. After all, caretaking your property is one of your main obligations as a condominium owner. In addition to numerous tips and suggestions, you will find answers here to many questions involving the property management subject, such as: What does “individual freehold ownership” mean? What exactly do “condominium regulations” govern? And what does the term “condominium fee” imply? In addition, we elaborate subtle differences between terms such as “real estate management” and “corporate real estate management.”
We hope you enjoy our encyclopaedia!