When parking spaces are assessed separately from the rest of your property the total bill is a lot higher than it first appears.
I received my property tax assessment notice in the mail for my condo today. When I first glanced at the new assessed value my first reaction was a mild “Wow, that didn’t go down nearly enough.” But then I noticed the two other assessment notices in my stack of mail. Suddenly I remembered that my two parking spaces are assessed SEPERATELY from my condominium, meaning I actually have three separate assessments for what is essentially one saleable condo property. My total assessment was therefore actually much higher than what I thought it was at first glance. My reaction to my new property tax assessment was no longer “mild”.
Separating your parking space assessment from your condo assessment is a tool the assessor uses to confuse homeowners and trick you into not appealing your assessment. If I look up my assessed value on the assessor website I only see my condo’s assessment, without the parking space assessments included. If I forget to consider my parking space assessments I am lulled into the false impression that I’m not overassessed, or not overassessed by as much as I think.
If I were to sell my condo on the open market I could only sell it with the two parking spaces included in the sale price. If the property tax assessor were being honest with tax payers they wouldn’t separate parking space assessments from condominium assessments. When you’re reviewing your new assessment this year make sure you remember take into account your parking space assessments as well.
Comments
The assessor tried to do this
The assessor tried to do this to me too!
Whether your parking space is
Whether your parking space is a separate assessment usually depends on how your condominium was set up originally. It's not the decision of the assessor. I believe it's mainly older condominiums that have separate tax parcels.
That said, parking spaces definitely have value. I bought a condo in 1978, and a covered parking spot was $10,000 more. I could have paid $6,000 for an uncovered spot.
Whenever you're valuing a condo you need to take the parking spots into account. That's actually a bit easier to do with condos such as yours because you can look at the deeds and see what spaces were transferred in the sale. For other condos you would have to look at the listing, and hope it's right, or where there's no listing, the condo declaration and amendments. Whether the Assessor's office goes to that trouble though, is an open question.
And speaking of amendments, with your style of system, I believe typically you could sell your parking space to another owner in the same building without involving the association. If anything, I prefer your system.
Great post, totally agree
Great post, totally agree with you on that point.
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this essay is very fantastic, i will tell to my husband about your opinion about your topic.
adinda
hopw you keep writing great essay
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