Module 5: Condominium Taxes and Assessments PDF

Condominium Concept and other Specialized Developmental Module 5: THE CONDOMINIUM TAXES AND ASSESSMENTS, and OTHER PROVISIONS After studying these topics student should have understanding on: 1. To develop a comprehensive understanding of the legal and financial aspects of condominiu...

Condominium Concept and other Specialized Developmental Module 5: THE CONDOMINIUM TAXES AND ASSESSMENTS, and OTHER PROVISIONS After studying these topics student should have understanding on: 1. To develop a comprehensive understanding of the legal and financial aspects of condominium ownership, enabling them to make informed decisions as future property owners or legal professionals 2. To Acquire knowledge about potential legal issues that may arise in condominium living and the available remedies. A. Introduction Condominium ownership comes with financial responsibilities beyond the purchase price. Unit owners typically face two primary types of costs: taxes levied by government authorities and assessments imposed by the condominium corporation. These charges contribute to the overall upkeep and maintenance of the property. TAXES AND ASSESSMENT Whenever real property has been divided into condominiums, each unit shall beseparately assessed, for purposes of real property taxation and other tax purposes to theowners thereof and tax on each such condominium unit. The assessment upon any condominium shall be an obligation of the owner thereof at the time the assessment is made.- The amount of assessment plus any other charges, interest, costs (including attorney'sfee) and penalties, as such may be provided for in the Declaration of Restrictions, shallbecome a lien upon the condominium to be registered with the Register of Deed OTHER PROVISIONS DISABLED PERSONS ACCESSIBILITY FEATURES The building and design standards for condominium projects to be promulgated by HLURB shallprovide for, among others, accessibility features for disabled persons pursuant to Batasang Pambansa Bilang 344 of 1994 IMPORTANT DOCUMENTS IN A CONDOMINIUM PROJECT SALES 1. CONDOMINIUM CERTIFICATE OF TITLE (CCT) – is the evidence of ownership of thecondominium unit (compared to the Transfer Certificate of Title for Land Ownership) 2. TAX DECLARATION – reference for tax assessment and tax due on the condominium unitand share in the common areas 3. CERTIFICATE OF MANAGEMENT – a document issued by the condominium corporationthat the conveyance is in accordance with the Master Deed / Restrictions 4. MASTER DEED – refers to the Enabling Act of any condominium project. This “enables”the condominium to exist and governs its existence. 5. DEED OF RESTRICTIONS – lays down the provisions for management body, insurancecoverage, maintenance cost and assessment basis and audit. 6. ARTICLES OF INCORPORATION – establishes the birth and guidelines of and BY-LAWS ofthe condominium corporation. 7. RULES AND REGULATIONS – determines what unit owners and tenants can andcannot do THE DEED OF RESTRICTIONS indicates the following: 1) Management Body 2) Provision for Insurance Coverage 3) Provision for the maintenance of Common Areas and Facilities 4) Sharing of Realty Tax on Common Areas 5) Manner of Amending Restrictions 6) Independent Audit 7) Assessment and dues 8) Project Partitioning and Dissolution of the Condominium corporation References: https://www.scribd.com/document/642481386/Condominium-Concepts-and-Other- Specilized-Development-Prelims-MIdterm-Module