With the real estate market once again heating up, condominium conversions are becoming quite common again. What many real estate developers do not account for when they essentially subdivide their property is what happens to the real estate taxes due on account of these now separately assessed condominium units.
Prior to the condominium conversion, the property receives a single assessment as to the property’s fair market value. When a condominium conversion takes place, however, each of the condominium units receive their own real estate tax assessment from the local taxing authority based upon that condominium unit’s fair market value.
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