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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I won't own the land. and i'll have to pay $300 or more in homeowners association fees for the condo. maybe the taxes are less for a condo?

Taxes are based on the apprised value (typically the market value) of the property whether you own the land or not. Typically it is appraised the same as a house and property taxes will likely be the same as a house of similar value. Seldom are property taxes included in your HOA fees.

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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 sold my home in 2010 and i paid the pro-rated property tax for the months i did live in the house to the new owners at closing. now, i just paid property tax on my new condo for the months i have lived here. it was all cash and there is no mortgage involved. my question is when i do my income taxes soon can i deduct the amount of the property tax i paid on both the sold home and also what i paid for my current condo property tax. in other words, is my property tax both what i currently paid and what i paid the new owners at my house closing? thank you

Yes, add what you paid for tax for the new condo, plus anything on your closing statement for the prorated taxes, plus anythinfg you paid on the house before you sold it.

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If you say pay it, why? if the lender will own the house soon, are they not going to pay it anyways. if you say don't pay it, do you know why it's pointless to pay it? but am i not going to be in trouble some other way? please help. i'm broke. i cannot pay my mortgage on a condo i'm renting out to someone. but if i don't pay taxes on that condo, i'm scared the county tax department will charge me anyways even after foreclosure of that condo? i have a house that i'm paying mortgage timely because me and my kids live on it.

the property taxes are a lien on the property. . . . the county will not come after you for them. . . However the lender can. Are you working with the lender on this? You want to give a deed in lieu of foreclosure, without them giving you a 1099C. Go to local consumer protection, legal aid, whoever is helping those in foreclosure, to be sure you're getting the best work-out possible. You don't want to totally ruin your credit--if you haven't already. So don't just sit and wait--collect information, be proactive, and work this out. Lenders are more agreeable to working things out right now, and if you work with them, and save them money, you may also benefit. Maybe there's a way to keep condo, but if not, maybe you can minimize the negative impact on you. Best of luck!

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Is it just the value of the home that determines how much you pay? or does it vary a lot based on where you live in the us? if you own a condo do you have to pay the same amount as you would a house? what about a mobile home? if i lived in a house worth $20,000 about how much do you think i would have to pay a year in property tax?

Every part of the country varies. Some even include things like garbage collect in the property tax bill so it would be large even on a cheap house . Here with school taxes and everything a house is about $3-$4 or about 1% of the assessed value. If you had houses worth only $20K the school taxes might have to be more than 1% alone but I don't think they would be over $400. Some in very expensive places cost $15K to $30 since it is all local.

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For instance, if four condos sit on the same piece of land why do they each have to pay a huge amount of property tax, 4 times more than if a house was sitting on the same piece of land.

check with your local tax assessor's office. They will show you the assessment used to compute the tax on your unit. You, will of course, pay for the unit that you own, but I don't believe that you pay for a share of the land that the complex sits on. I believe that the "condo association" pays that, along with any common buildings, like rec centers, pools, media rooms, etc. You pay your share of these amenities in your condo fees.

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I read houses are cheap in houston but be ready to pay high propterty taxes from the answer/yahoo. here an ideal i am single no children and my mother would buy the house and rent the house to me. it probably not going ot make much difference than san francisco, california high sky rocket prices on homes are crazy. my mom currently renting a condo to me in concord, california. payment total $1,800 $1000 a month on house payment, $250 a month home ownder insurances and taxes and $300 hoa maintence fee for living in the condo and we were force to $20,000 for a new roof on our condon and that we are paying $300 a month but luckly no interest charge because my grandma paid for it. but this time i want a house no a condo. thank you for your help matt

In greater Houston it is between 2.95 and 3.10% of your home's valuation. Figure 3 percent. I doubt sincerely you'll pay four percent anywhere in state. So, figure $250 a month tax for a $100,000 home. The note on a $100,000 home (assuming no downpayment) will be $600 a month, assuming a 30 year mortgage at 6%. $665 a month for 7%, $733 for 8%, and $804 for 9%. Houses are far less expensive than in California. Figure a third to two-fifths for like homes in like neighborhoods. Homeowner's insurance shoudn't be more than $150 a month for a $100,000 home, and it depends on location. So, you're in a $100,000 house for a minimum of $1000 a month plus utilities. $1205 tops. Scale up arithmetically if you pay more. Mind you, this is based on FINANCING $100,000.

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My sister in law told me that having property set up in a living trust prevents the heirs from having to pay estate taxes. and then the property is then transferred directly to the children and does not go through probate. if it went through probate, what happens to it? please assist if you know anything about this. also if more is owed on the house than it is worth - i am a little confused by this - then there is significant $ loss or owed by the heirs. is this true?

Living trusts are excellent vehicles for generating lawyer fees. If you retain power over the assets in the trust, they are still part of your estate. My guess is that your sister-in-law went to one of the many wealth seminars that are taught for the primary purpose of making money for the people running them. If you die when the mortgage balance is higher than the value of the house , the mortgage is handled based on your total estate. The mortgage balance has no affect on the gain or loss. The cost basis becomes the value on your date of death and the sales proceeds when the house is sold determines the gain or loss. If the house is sold immediately after your death, there will most likely be a small loss because of the transaction costs (broker fees, transfer taxes, etc.) The loss will not affect the personal tax returns of the heirs.

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I believe that the property taxes that exist on the home that you live in are not equitable. if my home goes up in value, i still have to live there. why should we have to pay more in property tax when you only have one home, condo, or apartment and it's small. we should not be taxing necessities! if you rent, the property tax is passed on from the government to your land-lord to you and you pay it as part of your rent. if you are buying a home, the property tax is probably included in your mortgage payment and as your home increases in value, your house payment goes up. i propose that we greatly reduce the property tax on 1 small home or apartment -- which is a necessity. most people should not pay property tax at all because most people have only one small home which is just big enough to live in. people with larger families could be allowed a larger home with more square footage without being penalized because for larger families, they need larger homes. sales tax instead! [quote] well, make up your mind income tax or sales tax? [end of quote] that's a good question. i seem to be contradicting myself. i think that we need both sales tax and income tax because these are the people that have the money to pay. in my opinion, we should not pay tax at all on necessities such as one small home and basic foods. in place of the earned-income credit, there should be an exemption of the social security & medicare taxes for the poor working people and the rich should pay social security & medicare taxes on all of their income. social security is a very regressive tax. the poor pay and the richer you are the less percentage you pay. this is opposite of how it should be.

While I disagree, there is a good argument to be made for replacing all taxes (property and income) with a "consumption-based" sales tax. This is used in Europe, and the best books on it are two written by Neal Boortz (www.boortz.com). He calls it the "Fair Tax".