Short answer: For personally occupied condos, annual property tax obligations are minimal or even exempt. However, if the condo is rented or used for commercial purposes, it falls under the Land and Building Tax, which is applied at a rate of 0. 02% to 0. 30% depending on the appraised value and property usage.
For personally occupied condos, annual property tax obligations are minimal or even exempt. However, if the condo is rented or used for commercial purposes, it falls under the Land and Building Tax, which is applied at a rate of 0.02% to 0.30% depending on the appraised value and property usage. Local municipalities send out annual tax notifications, and payment is typically due within the first few months of the year. Late payment results in fines and interest.