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Why do co ops have lower property taxes when they are mostly owner occupied?
When other residential properties are taxed the same whether they are owner or tenant occupied such as condos.
I know for a fact that co op property tax goes up--,maybe doubles--at least in my state-NJ.
+taxes go up if it is more than half renter occupied. This has absolutely NOTHING to do with amenities. A co op can in fact have more amenities that a condo. I know a coop near me that has a pool, while my condo does not. I did not ask about the difference in tax between a condo and co op. I asked about the difference in taxe between a largely owner occupied co op and a largely renter occupied co op.
2 Answers
- 5 years ago
Co-op property taxes are on the entire building not individual units. They do not have lower property taxes. In NYC they qualify for the annual tax rebate only if the owner files his NYC taxes from that address (new 2015 rule).
UPDATE: There is no such thing as a 'largely renter occupied co-op' because of the 80:20 rule. Moreover property taxes do not change when a property is rented rather than owner occupied. Only Texas and California have a homestead exemption.
No idea why you are so bad tempered.
- coraannLv 75 years ago
Co-Ops do not have all the luxury amenities in their buildings that condos do.
That is what makes the difference. Pools, gym rooms, card rooms,party rooms,
luxury foyers etc,etc.
