Home Selling in 90265>Question Details

Paul, Home Seller in 90265

We are selling a condo in Malibu. We don't own the land beneath the structure, but have been paying "rent". A prospective buyer

Asked by Paul, 90265 Fri Nov 13, 2009

wants to know if he purchases the property under the condo how that would affect his property taxes. My realtor didn't know the answer.

Help the community by answering this question:

Answers

3
Brian Goldberg’s answer
By definition, you only own the unit you are selling, the land and common areas are owned jointly by all of the owners in the complex. The "rent" you are paying are the costs for the common area expenses divided amongst all of the owners, you are not "renting" anything. Your agent should have explained that to you. Check the By-Laws and CC&R's of your Homeowner's Association, and feel free to contact me for more information.
Web Reference: http://www.brokermalibu.com
0 votes Thank Flag Link Sat Aug 20, 2011
I would think that the tax assessor, who collects the property taxes, would increase the taxes since it would increase the value of the property if you owned it as opposed to leasing it. Best way to be absolutely sure would be to call the L.A. County Tax Assessor's office.
1 vote Thank Flag Link Wed Feb 17, 2010
I would check w/ your county assessor's office to determine the tax liability. I'm not quite grasping the setup you have, but it sounds like some sort of leasehold estate. My guess is that the county would reassess to include the improvements and land in the same parcel and new owner of both would be responsible. Check w/ the county assessor's office.
0 votes Thank Flag Link Sun Nov 15, 2009
Search Advice
Ask our community a question
Email me when…

Learn more

Copyright © 2015 Trulia, Inc. All rights reserved.   |  
Have a question? Visit our Help Center to find the answer