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Condominium Appraisal and Analysis

 

The Condominium Department appraises residential condominiums, townhouses and villas, cooperatives and zero lot line properties.

Q. How is condominium property assessed?
A. Deputy appraisers use comparable sales data in similar communities to evaluate properties.

Q. How often are condominium properties looked at?
A. Deputy appraisers inspect each property at least once every five years. In addition, sales are analyzed every year for each complex.

Q. What is a condominium unit?
A. A condominium is a type of ownership with individual units and shared common areas. We usually think of a condominium as a residential unit but it can include properties such as offices and warehouses, parking spaces, trailer parks, cabanas, timeshares, storage units and horse stables.

Q. What are cooperatives?
A. A cooperative apartment is a unit in a building owned by a corporation. Each owner purchases stock in the corporation and receives a proprietary lease as evidence of title.

Q. What is the difference between a condominium and a zero lot-line property?
A. A zero-lot line property is a detached single family home on a lot with one side of the structure on the lot line. Zero-lots are usually narrower than traditional single-family home sites.