Friday, February 11, 2011

Timing is Everything

If we get our conversion done prior to January 2012, we will avoid PREPAYING over $40,000 in property taxes. Needless to say we are now dashing around at full speed.

1. We have hired a law firm.
1. Title company will be emailing our prelim. title info within 3 days.
2. Trying to figuire out if DRE is required.
3. Building will be surveyed this Sunday.
4. Pre-inspection on Friday, February 18th - to prepare us for the actual City inspection.
5. 3R Report has been requested from the City.

Quite a bit of Kafka-esque paperwork and bureaucracy. Quite the cottage industry for all these service providers.


Blogger Jennifer said...

I'm going through a conversion right now (we had our inspection today!) and was curious what you mean about "prepaying." Will any of the 2012 taxes you paid in April for your TIC building be counted toward those individual unit taxes? Or do you just lose the 2012 prop tax money you paid? (i.e. when your unit becomes a condo, do you then owe additional taxes on it that overlap with what you already paid for your building?

Also: congrats on finally winning the lottery! I've been reading your blog for a few years...

9:22 PM  
Blogger rp said...

Wow, maybe we should form a condo conversion support group. According to Andy Sirkin's website:

"Conversion will not increase the assessed value of your property. The current value will be allocated among the condominiums, and each condominium will get a separate tax bill based on the allocation."

So I assume you do not lose the money. I'll do more research on this and post about it. Thanks for the question.

1:15 PM  
Blogger Ed said...

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11:19 PM  

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