How property taxes on the timeshare are calculated?

[jerrry94087]

Looking at an upcoming county tax auction I see on the list few items which are timeshares. Tax delinquency amounts range from $1,200 to $1,700. Since counties in California normally wait for 5 years and also add high interest and fines, annual tax payment was probably around $150 (divide by 5 years and then by 2 for interest/fines). Since counties usually charge 1% property tax, timeshare weeks were assessed at around $15,000 which is $780,000 on the annual basis for one unit.

In this timeshare (as in most of them) units are stacked on top of each other into multiple floors, they are essentially condos. Housing values average $400,000 in this area.

How is the appraised value of a timeshare determined for the taxation purposes? How is this possible that the condo value is 2 times higher than the average value of the house in the area?

I was thinking that the $15,000 value is just taken from the TS price list which is a complete scam.

Sorry for throwing whole bunch of numbers at you, but they got me thinking about these things.

[philsfan]

I just got my bill from SD County for next year's taxes today for $29.74 on a unit I paid a little more than $1500 to buy.

[T. R. Oglodyte]

The specifics are going to vary from jurisdiction to jurisdiction. That being written, I think the most common practice is that the value of the land is going to be based on whatever the going price would seem to be land in the area. The value of improvements is then based on what the value would be for a regular whole ownership condominium. From those values the taxes are calculated using whatever the rules are for the local jurisdiction to generate assessed value from those factors, and then applying whatever the relevant tax rate is for the category of property into which the resort is classified.

If the bill goes to the HOA, then that is what is charged to the HOA. If the bill goes to individual owners, then that total tax bill is sliced into pieces for each owner.

Some jurisdictions, including San Diego County, seem to be value based on actual sales price. My impression is that that is not very common.

[JWC]

We own at the Gas Lamp Plaza Suites in downtown San Diego. Our annual property tax is $27 which ir has been for 3 years. The property tax dropped fom $65 /year to $27 /year when real estate prices crashed.

[Carolinian]

A few states appraise timeshares by individual week and bill by individual week. The more common practice is the one used in North Carolina where they appraise the whole resort and send one bill to the HOA which pays it and the taxes are part of the M/F.

[tonyg]

Appraisal value can change and good HOA's will be after local governments to lower values and taxes. I got one HOA to do that and taxes went down $ 30 the next year. Resale prices far below assessed values provide a compelling argument for assessment reductions. I also feel that timeshares pay more than they should for taxes---they don't use much of the things residents do---one big thing being school.

[jackio]

I just got my tax bill yesterday. It was $56 for a studio week in So. Cal