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States vary in how they tax common areas, for real estate tax purposes. It may depend on whether it is a condo or a co-op. For example, the state of Arizona taxes "residential common areas" in housing developments with a flat tax, but common areas of condominiums and golf courses are assessed separately. [18]
Most cohousing communities in the U.S. currently rely on one of two existing legal forms of real estate ownership: individually titled houses with common areas owned by a homeowner association (condominiums) or a housing cooperative. Condo ownership is most common because it fits many financial institutions' and cities' models for multi-unit ...
Condominium: a form of ownership with individual apartments for everyone, and co-ownership (by percentages) of all of the common areas, such as corridors, hallways, stairways, lobbies, recreation rooms, porches, rooftops, and any outdoor areas of the grounds of the buildings. Townhouses and apartments which are owned in the condominium form of ...
Short for condominium, a condo is a single unit within a multiple-unit property. It can be one of many units in a shared structure, like a high-rise building, or it can be in a much smaller ...
Use of land access to common facilities in the piece such as hallways, heating system, elevators, and exterior areas are executed under legal rights associated with the individual ownership. These rights are controlled by the association of owners that jointly represent ownership of the whole piece.
MSHDA was created as a result of the State Housing Development Authority Act of 1966 (Act 346 of 1966). [1] The purpose of this act was to establish funds in housing development, land acquisition and development, rehabilitation, conversion condominium fund, and to provide for the expenditure of certain funds.
For example, an owner would like to have a pool but cannot afford one. When buying a condominium with a pool in a CID of one hundred units, an owner would have use of that pool for basically one-hundredth of the cost due to sharing the cost with the other 99 owners. [5] Timeshare, or vacation ownership, is the same concept. Buying a second home ...
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