Do co-op charges include real estate property taxes in their quoted rates?

Q: Do co-op charges include real estate property taxes in their quoted rates? And if not, how much should I estimate taxes to be on a $170K 2 bedroom condo?

A: Yes, the co-op monthly maintenance charge includes the apartment’s share of the co-op corporation’s real estate taxes, as well as the apartment’s share of the building operating costs and interest charges for the building’s underlying mortgage (if there is a mortgage on the building).

Although you were only asking about condo taxes only if the taxes were not included in the maintenance charges (they are), I’ve answered your question just in case. The real estate taxes for 2-bedroom condos vary greatly from building to building, borough to borough and region to region, so I can’t give a rule-of-thumb answer. However, the easiest way to get an idea what amount you can reasonably be comfortable paying in real estate taxes, go to Elliman.com and search for 2-bedroom condos in your market area to see what a typical amount is for a 2-bedroom condo unit in a building that has similar features and location.

Let us know if you need anything else!

Filed Under: Buying, Selling