topic No land value on property tax in Deductions & credits

No land value on property tax

bigbunny101 — Tue, 04 Jun 2019 21:12:50 GMT

on my property tax bill, there is no land value, its a townhome/condo type. there is fair market value and assessed value. what do i depreciate?

This is common with condos because you do not own the lan...

KittyM — Tue, 04 Jun 2019 21:12:52 GMT

This is common with condos because you do not own the land underlying the unit - it belongs to your Homeowner's Association. You can use the current Fair Market Value (FMV) of your condo for depreciation.

It is wise to look at a couple of online home sale sites for your current FMV, as the FMV on your property tax bill is likely out of date. If the current value is different than what is reported on your property tax bill, make sure you print a copy and keep it with your records.

there is at least 30K difference between tax bill FMV and...

bigbunny101 — Tue, 04 Jun 2019 21:12:53 GMT

there is at least 30K difference between tax bill FMV and current sales