I recently bought a rental property in Oregon. The land assessment value is zero on my property tax statement, as is on each of the neighboring property tax statements for properties in my condo community. From what I've been reading on the Internet, there seems to be differing opinions on how to proceed with the land value field for condos when setting up one's rental on tax forms when there is an assigned land value of zero on assessment records.
My Property Tax Statement lists the breakdown for the condo as follows:
REAL MARKET LAND 0
REAL MARKET STRUCTURES 400,964
REAL MARKET TOTAL 400,964
M5 SPECIAL ASSESSED VALUE 0
M5 REAL MARKET VALUE 400,964
ASSESSED VALUE 233,582
TAXABLE VALUE 233,582
I bought the property for $352,000 a few months' back, which is the sales price that condos in my neighborhood are going for right now. Is it typical for condos to not have a land value in many counties and states? I want to be sure that a land value of zero on my tax form wouldn't trigger an audit in my case.
I've reviewed the deed, and the verbiage states the following:
The units shall be entitled to an allocation of an undivided interest in the Common Elements..... said allocation of undivided interest in the Common Elements has been computed on the basis of the relation that the square footage of the unit bears to the total square footage of all units.
Given the deed description, I would think that the county would assign a proportion of the land value to each of the condos based upon the square footage of each unit????
Informed opinions from condo landlords within the TurboTax Intuit Community of what you recommend I list out for my structures and land value when setting up my 2024 tax forms for the new rental would greatly be appreciated. Thank you in advance!
