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| Saturday, October 11, 2008
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| Author |
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JoeK1
(Michigan)
Posts:29
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| 05/03/2008 11:15 AM |
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| Does anyone know the Michigan property tax treatment rules for a condo complex? In other words, are condo complexes to be assessed as one whole parcel or as a sum of the assessments of individual units. We consist of 11 detached condos situated on common association property and are currently taxed as individual units. Is this a state rule or is it left up to the discretion of the individual assessor? |
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SusanW1
(Michigan)
Posts:1812
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| 05/03/2008 11:46 AM |
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From a forum discussion on www.appraisalforum.com -concerning site condos, which is what you are describing you have . . .
QUOTE: (from Charleyhorse - on-line ID, he's from Michigan)
"My “layman” definition of a site condo in MICHIGAN is a “unit” of land within a site condominium project whereby one purchases the rights to build a SFR subject to the restrictions in the Master Deed. Instead of owning just the interior (paint to paint) of a condo “structure” as in a “conventional” condominium project, you actually own the right to build within a “unit” (defined as an envelope of land) in a site condominium project.
“Site condominium projects are condominium developments in which each condominium unit consists of an area of vacant land and a volume of vacant air space within which a building or other improvements may be constructed by the condominium unit owner. Each site condominium unit may also have an appurtenant limited common element reserved for the exclusive use of the owner of the condominium unit. Either the condominium unit itself or the condominium unit taken together with any contiguous, appurtenant limited common element shall be considered to constitute a building site which is the functional equivalent of a "lot" for purposes of determining compliance with the requirements of the Zoning Ordinance and other applicable laws, ordinances and regulations. Site condominium projects may also include general common elements consisting of common open space, recreational areas, streets and other available areas for use by all owners of condominium. units within the project.”
“Unit” configurations within a given project can vary in dimensions and vary in value as well. Tax assessments will vary from one “unit” to another within the project and the specific site’s legal is generally referred to as “Unit XX”. Generally, there are association fees to maintain the project’s infrastructure (ie: roads, common areas, etc) instead of the condominium structure itself plus common elements.
In essence, as Richard indicates, just another creative means by which Developers can cut bureaucratic red tape and reduce the time/cost to develop such projects.
That’s what I define as a site condo in Michigan and I’m sure there are a multitude of variations of these animals throughout the country depending on where you are located. UNQUOTE
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