Yes, you can deduct mortgage interest as well as property tax and maintenance from your investment property in Canada . If you own multiple units and you are the one managing them you should also open a property management company and charge your properties a management fee which is also tax deductible.

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Do you have to pay property taxes if you own a condo like you do when you own a house? do you get the same tax cut people as the people who own a house? location: new york city currently debating condo ownership or house ownership.

Yes, you pay taxes, but usually they are included in the monthly condo fee. I'm not sure about tax breaks.

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The tax liability follows the property not the owner. If you don't get the property out of default, the liability will belong to the next owner. If you could get the property current by paying the back payments over the next three years or so, you should consider a Chapter 13 bankruptcy plan.

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I'm looking at a highrise condo for sale in a building downtown that has about 200 other condos inside. in addition to whatever the mortgage on the highrise ($320k) would be there is also a $900 monthly aintenance fee. i'm just wondering if property taxes are paid by whoever manages the building and included in the monthly maintence fee or if i'll have to be paying property taxes in addition to my mortgage and monthly fees. thanks.

You pay the property tax, it comes out of the escow of your mortagage account including your insurance. If you have mortgage questions ask your bank mortgage person to clearify your questions.

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You are still liable for municipal and school taxes. Plus you'll have condo fees. You can however roll-up your municipal taxes into your mortgage payments and have you financial institution pay them on your behalf when the time comes.

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Or do you pay like a service fee to the developer every month?

Both. Property taxes to the city. Maintanence fees to the condo association.

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I am thinking of buying my first home and was wondering besides the association fee, do i need to pay property tax on a condo?

Yes, you can expect the property tax in California to be approximately 1% of the purchase price per year.

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Im trying to figure out how i can own my own place, whether condo/townhouse/2story, and not have to pay property tax every year. i inherited my house only 2 years ago so i dont know much about being a homeowner, financially speaking. im thinking that no atter what type of 'dwelling' it is, whoever owns it pays tax every year. i might be better off not owning one.

Robert, Good question. But you are right, you have to pay property taxes no matter how you own property. However, there are some ways to minimize that tax depending on where you live: 1. You can apply for a homestead exemption in many states. If this is your primary place of residence you can often get as much as 40% of the tax burden knocked off yearly. 2. You can appeal the valuation of the property. This often knocks a big chunk off of the burden too. You can find out how much it is valued at with some simple web searching. See the resource section for guidance on that. 3. You can deduct all of your home mortgage interest off of your taxes if you itemize. So if you have medical expenses, don't have any dependents, or give a lot, this can balance it out. You can also in some states get another tax reduction if you have a mortgage on the home and you apply for the deduction. It pays to own! 4. Every month you are paying for somebody's property taxes. I am a landlord and all of my tenants pay my property taxes for me whether they know it or not. Landlords base their rents off of their total costs. So, if you don't own a home you are paying property taxes and not getting any equity. So, bite the bullet and buy a home is my advice.

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I'm looking at buying a condo and i know there are condo or maintence fees, but do you need to pay property taxes? also, what is generally included with condo fees? thanks!

yes