[WSBARP] Real Property Tax Impact Following Dissolution of Condo Association

[Bryce Dille]

I have done several of these condo terminations because the units didn't sell and they wanted it converted back to a single tax parcel to lower taxes and the answer is that it does lower the assessment and also keeps down the increase in value in the future.

From: wsbarp-bounces at lists.wsbarppt.com [mailto:wsbarp-bounces at lists.wsbarppt.com] On Behalf Of ron at housh.org
Sent: Wednesday, May 18, 2016 3:36 PM
To: 'WSBA Real Property Listserv'
Subject: Re: [WSBARP] Real Property Tax Impact Following Dissolution of Condo Association

When for example a 10 unit apartment building is converted into 10 condos each with a new and separate real property tax parcel number, I believe the expectation and result is that the cumulative tax on the 10 condo units typically exceeds the tax that had been levied on the single tax parcel apartment building.  Granted there may be case specific factors such as improvements made to each unit in the conversion process.

But - I have a potential reverse situation.  Client owns a commercial condo unit in a 2 unit complex.  He just bought the 2nd unit and is considering dissolving the condo association and the condo arrangement so that he has fee interest in one property - presumably asking the assessor in the process to reflect one tax parcel versus two.

Client has asked whether I believe the assessor is likely to reflect a lower assessed value on the single parcel as compared to the cumulative total of the assessed values of the two condo units.

In addition to stating "maybe", I indicated I would inquire as to whether anyone has dealt with this issue before.

Thanks,

Ron




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