Property taxes in NYC are either collected semi-annually or quarterly, and it's determined by the tax amount: Semi-annually for more than $250,000 in property taxes and quarterly for less than $250,000 in property taxes. Neither HOA fees nor condo common charges covers property taxes.
They are used to meet these running costs, and therefore provide the building's community with a safer, cleaner, and more efficient living environment. But condo fees do not include condo property taxes.
Homeowners associations levy HOA fees to cover common expenses. These fees are typically set annually and can change based on the association's budget and financial needs. They fund everyday operations, maintenance, and reserves for future expenses.
Here are 6 of the most common items that are typically covered: Utilities. Maintenance and repairs. HOA insurance. HOA reserve funds. Property management staffing. Professional property management.