So this is the situation. My mother owns a condominium and the mortgage is paid off. Somebody told me last week that if you rent your unit out then you don't need to pay property tax, only maintenance fees. Just wondering if somebody who has experience in this can explain how it works i would also any information about that
Real Estate Agent · Parsippany, NJ · Member since 2013 · 186 posts · 71 votes
10y
You were totally misinformed there Sean. The only tax break that your mother may qualify for is a senior citizen discount. Some towns in NJ offer a tax break or may even freeze your taxes for those over the age of 65. I would suggest that you have her call, or you can call for her, and see what tax break, if any, they would offer to her and how she could go about instituting that discount.
Investor · Union, NJ · Member since 2011 · 838 posts · 295 votes
10y
that would be an investors dream!!! Who ever told you this, I wouldn't believe much else of what they are saying either. Could have been a misunderstanding also but like others are saying... No way out of paying your property taxes.
Bayonne, NJ · Member since 2013 · 90 posts · 27 votes
10y
Ummm I highly doubt that lol.
Only way that would work is if the tenant paid your prop taxes. I would just include taxes with the rent you charge and keep paying taxes as you always do.