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Condo & Apartment Property Tax Calculator

Estimate annual property taxes for condominiums and apartments based on assessed value and municipal rates. Includes data for major global metropolitan areas.

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About

Property taxes for condominiums and apartments differ from single-family homes due to shared ownership structures and specific municipal assessments. This calculator provides an estimate of the annual tax liability based on the assessed value of the unit and the local tax levy. Accurate calculation is necessary for determining the net carrying cost of an investment or primary residence.

Assessed value often differs from market value. Municipalities may apply an assessment ratio (e.g., taxing only 60% of the market value) or specific millage rates for high-density residential zones. Failure to account for these variables results in significant budget discrepancies for homeowners and investors.

property tax condo fees real estate housing costs tax estimator

Formulas

The core calculation derives the billable value from the market value, then applies the municipal rate.

{
Vassessed = Vmarket × Rratio Tannual = Vassessed × rtax100

Where V is value, Rratio is the assessment ratio (0.0 to 1.0), and rtax is the effective tax rate percentage.

Reference Data

Metropolitan AreaAvg. Effective Rate (%)Assessment BasisFiscal Context
New York City, NY (Class 2)12.283% (Billable)45% of MarketCo-ops/Condos use a complex abatement system.
San Francisco, CA1.18%100% MarketCapped by Prop 13 limits.
Chicago, IL2.12%10% MarketCook County uses specific assessment tiers.
Toronto, ON (Canada)0.66%100% MPAC ValueRates adjusted annually by city council.
London (UK)Band D Avg £1,9001991 ValuationsCouncil Tax based on historic bands, not % rate.
Miami, FL1.95%100% MarketHomestead exemptions significantly lower effective rate.
Berlin (Germany)0.35%Unit ValueGrundsteuer reform effective 2025 changes basis.
Austin, TX1.80%100% MarketNo state income tax; higher property levies.

Frequently Asked Questions

Municipalities often use a "lagging" valuation or a statutory assessment ratio. For example, a condo bought for $500,000 might have an assessed value of $400,000 for tax purposes. Taxes are levied on the assessed amount, not the transaction price.
New developments (e.g., NYC 421-a) often have tax abatements that phase out over 10-25 years. This calculator estimates the full tax liability; owners with active abatements must subtract the specific credit amount from the total.
No. This tool calculates municipal property tax liability only. HOA fees are private charges paid to the condominium association and are separate from government levies.
A mill rate is the amount of tax payable per dollar of the assessed value of a property. One mill is one-thousandth of a currency unit. A rate of 20 mills equals 2.0%.