All Forum Posts by: Charu Jadhav

Hi All, I own 2 condos in the same building and I'm trying to figure out how to split the purchase price between land and building in my situation. The latest tax bills have land assessed at $0. I reached out to the assessors office and this is what they told me - 

"You own 2 Condominiums at xxx. We do not value the land for Condominiums. The land portion of the development is Common Area and you are not taxed on this."

So does that mean I can use the full purchase price for depreciation without subtracting land value?

Any help would be greatly appreciated.