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Property taxes: Typically, state and local real property taxes on primary and secondary residences are deductible if you itemize your tax return. For homes purchased on or before December 15, 2017 ...
Increases in home-insurance costs mean that HOA ... Homeowners may face large one-time special assessments in addition to increases in regular monthly fees. ... Texas (14.6 percent); Sacramento ...
HO-6 insurance, on the other hand, is typically only available to condominium owners. HO-3 policies will normally include coverage for an owner’s personal belongings as well as liability.
A special assessment district (S.A.D.) is a geographic area in which the market value of real estate is enhanced due to the influence of a public improvement and in which a tax is apportioned to recover the costs of the public improvement.
Under Davis–Stirling, a developer of a common interest development is able to create a homeowner association (HOA) to govern the development. As part of creating the HOA, the developer records a document known as the Declaration of Covenants, Conditions, and Restrictions against the units or parcels within the HOA with the county recorder.
The property assessment loophole floodgates opened wide following a controversial 1992 California Supreme Court decision (known as the Knox [20] case) holding that the two-thirds voter approval requirement for local special taxes under Proposition 13 did not apply to special benefit assessments on real property.
Homeowners insurance vs. condo insurance Buying a condo is more similar to buying a home than a co-op. When you buy a condo, you own the unit and likely need condo insurance to insure it properly.
The Revenue Act of 1964 restricted the SALT deduction to state and local taxes on real property, personal property, income, general sales, and gasoline and other motor fuels. [17] Amid the 1970s energy crisis, Congress passed the Revenue Act of 1978, which eliminated the deduction for state and local taxes on gasoline and motor vehicle fuel.