Does co-op maintenance include the unit's taxes?

The co-op apartment doesn't have its own separate RE tax. The city assesses RE tax against the whole building.

After the end of the year, the co-op will tell you how much the RE taxes amounted to per-share. You then multiply that by your number of shares to determine the amount that may be deductible.

The co-op will require you to carry homeowner's insurance. That might run you more than the equivalent renter's insurance.

maint includes real estate tax. There shouldn't be more than one real estate tax amount. Maybe you are thinking about mortgage. There is usually a mortgage for the co-op and you have your own mortgage, unless you pay 100% cash.

You should budget in any remodel and know if there is any special assessment. Have some cash on the side for emergencies like your apartment just got flooded from above and your insurance and neighbor won't pay. Or your central heating is down and needs a brand new engine.

thanks guys!

NWT nailed it. I might add---only because I was slightly confused by a part of your question---that for a CONDO your property taxes are separate for the CONDO unit. The CONDO is considered "real property" and is taxed accordingly (similar to a Single Family Residence).

Trevor Curran
NMLS #40140
Mobile: 516-582-9181
Office: 516-829-2900
Fax: 516-829-2944
PowerHouse Solutions, Inc.
185 Great Neck Rd, Suite 240
Great Neck NY 11021
Licensed Mortgage Banker – NYS Dept. of Financial Services
NMLS#3528

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