Episode 9: Maintenance, common charges, assessment explained.
In this episode of Rock the Closing, Orsolya and Dalia discuss essential real estate concepts including maintenance, common charges, assessments, and taxes. They explain the distinctions between maintenance and common charges, how taxes are paid for condominiums and houses, and the effects of tax exemptions and abatements. They also clarify assessments and their implications for property owners.
IN THIS EPISODE, YOU’LL LEARN:
Maintenance and Common Charges: What these costs cover, including hallway lighting, management fees, repairs, and operational expenses. Learn about the reserve fund for capital improvements.
Differences Between Maintenance and Common Charges: Maintenance applies to co-ops and includes building taxes; common charges are for condominiums and cover only building costs without taxes.
Tax Payments: How taxes for condominiums and houses are paid, including the frequency and effects of renovations on tax rates.
Tax Exemptions and Abatements: Common tax exemptions like STAR, veteran, and religious exemptions, and city-offered abatements such as J51 and 421a that promote affordable housing.
Assessments: What assessments are, why they might be imposed, and how they differ from regular maintenance and common charges. Includes costs from unforeseen events or regulatory violations.
Differences for Houses: Homeowners bear additional costs out-of-pocket, unlike shared assessments in co-ops or condos.
This episode offers a detailed overview of these important property ownership aspects, providing insights to help manage financial responsibilities.
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Music Credits
Music by SoundHills, Beautiful Minds. Find more at https://protunes.net/
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Disclaimer:
Thank you for tuning in to RTC! This podcast is hosted by real estate attorneys, who offer valuable insights. Please remember that the content is for educational purposes only and does not constitute legal advice. Always consult a qualified professional before making any decisions. This podcast is copyrighted by Rock the Closing, and any reproduction, syndication, or rebroadcasting of the content requires written permission.
