I have a property tax question related to duplexes/triplexes, etc.
Do you pay taxes on each side of the unit? For example I was looking at a duplex listed on loopnet in plano, texas and looked up the address on the county website for one of the side. The total yearly tax for 2017 was around 4k. I then looked to see if the other side was listed and is was not.
Are you only paying taxes for the 1 roof or does this depend of the area you're investing in?
The taxing authority will value the entire property as one unit with very few exceptions :
Some appraisal districts will parcel out one unit if it have a homestead exemption.
If the duplex has been subdivided into to town homes it can have separate owners and therefore appraised separately
I've seen it both ways. Sometimes a duplex is considered a single property with two residences. It will be listed that way on the CAD. When you look at things like number of bedrooms, it will say 6 instead of 3, 4 bathrooms instead of two, etc. There is usually a single address with Unit A and Unit B.
If each side is its own distinct property, it will be listed as a single family home. There will be two different addresses and usually two different owners. And two different tax records. I sold a property like that earlier this year. It was one half of a duplex. The other side shared a wall but not the address and it was owned by a different individual and had its own tax record.
Free eBook from BiggerPockets!
Join BiggerPockets and get The Ultimate Beginner's Guide to Real Estate Investing for FREE - read by more than 100,000 people - AND get exclusive real estate investing tips, tricks and techniques delivered straight to your inbox twice weekly!
- Actionable advice for getting started,
- Discover the 10 Most Lucrative Real Estate Niches,
- Learn how to get started with or without money,
- Explore Real-Life Strategies for Building Wealth,
- And a LOT more.
Sign up below to download the eBook for FREE today!
We hate spam just as much as you
Join the Largest Real Estate Investing Community
Basic membership is free, forever.