Question for homeowners
 

My mom bought a condo a year ago in cash.... now she got a letter that she needs to pay %25 of the cost of the condo (As tax on the condo)...
Is it normal? If someone got a 4 million dollar condo does he need to pay $1mil?
If there some kind of exemptions or anything?
Thanks in advance....

RIPPED OFF!!!

Your mom is lying to you somewhere.

Who does she have to pay?

A tax to the city???? Sue her lawyer who closed the deal without checking into all that.

Or is it the condo corp making a special assessment? Sue her accountant who reviewed the corp's financial statements, and reserve fund study and cleared her to buy it.

Or did she just buy the place without any due diligence?

25% tax is ridiculous

Only way i can see that happeneding is if through capital gains, but you didnt' say she sold it, and a property most likely wouldn't appreciate that much in a year.

Was she behind in other taxes? Is this her first time ever paying tax on the property?

first time

sounds liek a scam to me :warning

This Smell fishy...

As far as I know, everywhere in the US, the amount of current taxes must be disclosed at time of purchase. In fact at closing you sign a document that it was disclosed and then you sign another slip that you did sign the document that says you signed?. You get the idea it?s over bureaucratic!

She spent all that money on a condo and you come for Tax advice here ? lol Go to a accountant.

liar.

never heard of anything like that

did the condo cost $10K? was it a fire sale? that's the only way tax should be 25% of cost..

also make sure she files for homestead exemption with the local tax collector, this will reduce property tax cost