Taxes included in Maintenance fee for a Co-op?
I am looking into the possibility of buying a Co-op in New York City in the near future. Most websites list maintenance fees and minimum down payment but N/A for taxes. Should I assume that for a Co-op that tax is included in the monthly maintenance fee?
Hi @Joe Vastola, that is usually the case in NYC.
Co-op maintenance includes real estate taxes and (if the co-op has an underlying mortgage... most do) mortgage payments. This is in addition to all the other expenses you'd find in a condo HOA or common charges. The deduction for real estate taxes and the mortgage interest gets passed on to shareholders. Each year the board will let you know the tax deductibility per co-op share. Let me know if you have any other questions about purchasing co-ops. It's not the most intuitive process.
