Personal Finance & Money Asked by Kurt Peek on February 28, 2021
I’m looking at buying a Tenancy-in-Common (TIC) property in San Francisco for which the TIC agreement states the following about how property taxes are divided among co-tenants:
The thing is that prices have increased so much over the years that the tax-assessed value of the entire property is currently less than the listing price of just one interest in the property. So according to this formula, it seems like I would pay all the property taxes and other tenants would pay nothing, which seems unfair to me.
What I would find more reasonable is if the total property taxes over the assessed value of the property were subdivided amongst the co-tenants based on their percentage of ownership. Are there TIC agreements like this, or are almost all TIC agreements like the one above? Would it be feasible to negotiate a change in these terms?
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