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All condominium owners are levied assessments -- usually annually -- to pay the expenses of operating the community. Assessments are based on last year's expenses, plus anticipations of increases and changes in expenses for the next year.

This is the formula regardless of where the association is located.

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Q: How are condominium fees determined in Illinois?
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Are condominium fees tax deductible?

When you live in a condominium, you pay assessments which your board budgets each year to pay operational expenses for the community. These expenses are not typically tax deductible by an owner who occupies a unit. In your state, in your tax situation, best practices dictate that you consult with your tax attorney to identify whether or not assessments are deductible from your tax bill. Optional fees, such as amenities-use fees may be treated differently by your tax adviser in your situation, especially if you pay the fees for the benefit of a tenant and your condominium is an investment and not your home.


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Who owes the condo fees incurred after a foreclosure?

Assessments are owed to the association by the condominium owner. If it's a bank, then the bank owes assessments.


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Generally:The first mortgagee would receive notice, may choose to pay the overdue fees and add those to the amount due to the bank. If not, the condominium association would acquire the unit subject to the mortgage. See related question link.


How are condo fees determined using undivided fee simple interest?

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