the dreaded letter from the County Property Appraiser (somewhat OT reply)


Jim Strohm
 

John,

IANAL but -- if you can sell those limited common elements without selling
the real property, then those elements are separate from the real property
and their value is zero for the purposes of this inquiry from the tax
assessor.

If those limited common elements MUST transfer with the title of the real
property, then they have a taxable value. If you cannot legally generate
income from them, and if you don't receive tangible assets or value from
them, then they're worth ... a dollar.

I don't know where you are, but you should find out what other people in
your neighborhood have valued them at. For example, if you have a covered
parking space in Manhattan, it's easily worth $250 a month whether you use
it or not. Here in Austin TX, it's "pull (or push) your car into the back
yard, throw a tarp over it, and tell your neighbors to <scribbled-out word>
themselves." The value is the price of the tarp, plus the 100 square feet
of lawn you won't have to mow per car. For me, that's 16 cents per mowing
(4 vehicles on the lawn @100 sqft each). I guess the jet boat adds another
4 cents. This is at $50 to mow about 100,000 sqft of lawn on a
quarter-acre city lot.

Edging around them costs me more time than mowing, so my taxable value is
nil.

So basically you need to see what your situation is. Without other
guidance, you may want to ascribe some nominal value to those limited
common elements just to keep your assessor happy. Or -- burn a few dozen
hours of their time to make them clarify the request. Their loaded hourly
rate is at least a hundred bucks an hour, and those limited common elements
would have to be worth more than a hundred grand taxable value for them to
get their costs back after you're done with them.

73
Jim N6OTQ