Home Buying in Aurora>Question Details

David Nelly, Home Buyer in Aurora, CO

ARE there taxes related to buying a home?

Asked by David Nelly, Aurora, CO Sun Aug 26, 2012

IS the property taxes on a monthly or yearly basis. i.e: for example on a $40,000 condo/town home the property tax is listed as $530. is this monthly or yearly? and when some HOA cover taxes does it mean uyou no longer have to pay property tax?

Help the community by answering this question:


Taxes vary greatly by city, so make sure to factor that in to the price of the home before buying. This should be covered in detail by your real estate agent. Taxes are also subject to change, and do change yearly. Taxes are charged yearly.

Of special concern would be special assessments. Rare in single family homes, but common in condos. This can cause a rash of forclosures, and drive down home values. They tend to pop up with new builds, and untrustworthy HOA's. Some good HOA's might have them too for big projects. Such as roofs and big water heaters.
0 votes Thank Flag Link Sun Sep 30, 2012

Colorado charges no real estate transfer tax when a home is sold. All properties are subject to a real property tax which is paid in arrears, 2012 property taxes are paid in 2013. Said taxes are set by each county and may be adjusted every two years. Personal property such as appliances and window coverings are not taxed upon the sale of the property.

Home owners may pay property taxes annually in one of 3 ways: One lump sum paymen. Two payments - 1/2 in February and the other 1/2 in June. Or what's most common, 12 monthly with the mortgage payment, hence PITI - Principal, insurance (home owner's not mortgage insurance), taxes (Property), and interest.

HOA amounts are determined by the homeowners in their particular community and are not property taxes. I know of no community where property taxes are covered by the HOA in Colorado.

Please contact me with any other questions. Thank you.

Ed Quinn, Owner Broker
Quinn Corp Metro Broker
0 votes Thank Flag Link Sun Aug 26, 2012
Taxes are yearly and they are typically included your monthly mortgage payment (if you get a mortgage). I would double check with the HOA and find out what they pay and what they don't.
0 votes Thank Flag Link Sun Aug 26, 2012
Usually taxes are listed as yearly tax amounts on home listings. When you buy a home I think that most states have filing fees and transfer taxes. Every state is different though so check with your local government to find out the exact fees for your area.
0 votes Thank Flag Link Sun Aug 26, 2012
Taxes are yearly and depending on where you live are paid 1 to 4 times a year. Most likely you will have your taxes and insurance included in your monthly mortgage payments. Since every condo association is different, you should contact the association or management company to provide you with a list of laws and what is covered by the HOA.
0 votes Thank Flag Link Sun Aug 26, 2012
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