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SFR or Condo?

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PJK03

Sophomore Member
Joined
Mar 4, 2007
Professional Status
Licensed Appraiser
State
California
It seems every job I get I have to re-invent the wheel. Anyone else feeling burned out? Okay, so here is my question:

Subject is a small detached SFR. However, records say the subject is a condo. The subject has 1,100 SF of lot, no shared walls, no association fees, and it certainly didn't sell at a price of a local condo. The electricity meter for the neighbor is located on the land of the subject, don't know if that makes a difference or not. So, the owner wants me to do a report for tax assessment, they disagree with the county. They don't want to assess it as a condo, because they think later this will slap them in the face.

So, what is the proper use code for this? One more thing:
the plat map calls it a condo.
Thanks to all who give some advice.
 

James Micozzi

Member
Joined
Jan 13, 2005
Professional Status
Certified Residential Appraiser
State
New York
It seems every job I get I have to re-invent the wheel. Anyone else feeling burned out? Okay, so here is my question:

Subject is a small detached SFR. However, records say the subject is a condo. The subject has 1,100 SF of lot, no shared walls, no association fees, and it certainly didn't sell at a price of a local condo. The electricity meter for the neighbor is located on the land of the subject, don't know if that makes a difference or not. So, the owner wants me to do a report for tax assessment, they disagree with the county. They don't want to assess it as a condo, because they think later this will slap them in the face.

So, what is the proper use code for this? One more thing:
the plat map calls it a condo.
Thanks to all who give some advice.

Pull the deed and go to the local assessor as well.
 

Dave Smith

Senior Member
Joined
Jan 14, 2002
Professional Status
Certified Residential Appraiser
State
Wisconsin
It seems to me it comes down to the legal description and whether or not there is a recorded declaration and by-laws for a condo project.

What do the recorded documents say? What does the deed provide as far as the legal description?

Call a title company and ask how they would insure it. SFR or condo/
 

Don Clark

Elite Member
Joined
Jan 17, 2002
Professional Status
Certified Residential Appraiser
State
Virginia
It seems every job I get I have to re-invent the wheel. Anyone else feeling burned out? Okay, so here is my question:

Subject is a small detached SFR. However, records say the subject is a condo. The subject has 1,100 SF of lot, no shared walls, no association fees, and it certainly didn't sell at a price of a local condo. The electricity meter for the neighbor is located on the land of the subject, don't know if that makes a difference or not. So, the owner wants me to do a report for tax assessment, they disagree with the county. They don't want to assess it as a condo, because they think later this will slap them in the face.

So, what is the proper use code for this? One more thing:
the plat map calls it a condo.
Thanks to all who give some advice.

For the 2,000th time on this forum since 2002, ....."A CONDOMINIUM IS A FORM OF OWNERSHIP, NOT AN ARCHETECTURAL STYLE". If the title states Condominium, it is a condominium. There are several hundred such property's as you have described in my market. We also have 2 unit condos where the entire condo is just 2 units. No HOA Fees. Read the deed, talk to the assessor. Since it is likely a Condo, the meter being on the subject site would not be a problem. If it is not a condo, it would be an encroachment.

There are at least a half dozen recent(last 30 days) threads about this very same issue.
 

Marcia Langley

Senior Member
Joined
Aug 26, 2005
Professional Status
Certified Residential Appraiser
State
Missouri
The legal description, deed, plat, and Declaration of Condominium will tell you if in fact it is a condo. Since that is the problem to be solved for this client, then you need to do the proper research.

From your post it seems like the owner knows it is under condo ownership but wants the taxing authority to tax it as if it weren't. Depending on the taxing athority laws, that may be possible or it may not.

Your job is not to "decide" whether it "should" be a condo or not, rather to factually report what all those legal documents say.
 

leelansford

Elite Member
Joined
Mar 29, 2002
Professional Status
Certified Residential Appraiser
State
Illinois
It seems every job I get I have to re-invent the wheel. Anyone else feeling burned out? Okay, so here is my question:

Subject is a small detached SFR. However, records say the subject is a condo. The subject has 1,100 SF of lot, no shared walls, no association fees, and it certainly didn't sell at a price of a local condo. The electricity meter for the neighbor is located on the land of the subject, don't know if that makes a difference or not. So, the owner wants me to do a report for tax assessment, they disagree with the county. They don't want to assess it as a condo, because they think later this will slap them in the face.

So, what is the proper use code for this? One more thing:
the plat map calls it a condo.
Thanks to all who give some advice.

How does the Legal Description describe the property?
 

RSW

Elite Member
Joined
Feb 18, 2002
Professional Status
Certified Residential Appraiser
State
Tennessee
Sounds like some good old research in the register of deeds office is needed on this one. Not too many new appraisers know how to do that any more. What's a register of deeds office? LOL!
 

PJK03

Sophomore Member
Joined
Mar 4, 2007
Professional Status
Licensed Appraiser
State
California
For the 2,000th time on this forum since 2002, ....."A CONDOMINIUM IS A FORM OF OWNERSHIP, NOT AN ARCHETECTURAL STYLE". If the title states Condominium, it is a condominium. There are several hundred such property's as you have described in my market. We also have 2 unit condos where the entire condo is just 2 units. No HOA Fees. Read the deed, talk to the assessor. Since it is likely a Condo, the meter being on the subject site would not be a problem. If it is not a condo, it would be an encroachment.

There are at least a half dozen recent(last 30 days) threads about this very same issue.

Well I guess that I am not the only one confused.
 

Blueprint

Senior Member
Joined
Aug 25, 2005
Professional Status
Certified Residential Appraiser
State
Oregon
Again, what does the legal say? Sounds like it could be a PUD.
 

PJK03

Sophomore Member
Joined
Mar 4, 2007
Professional Status
Licensed Appraiser
State
California
Under the form of ownership, a condo is an air space owned seperately, with a common interest in the grounds, etc. This subject is owned in its intirety, i.e. the inside "air space" and the outside roof and walls. Also, the lot is privately owned as well. There are no common areas. This question gets asked all the time because this subject may be called a condo, but we know it is not. I just wanted to know if anyone had a real idea about why the subject would even be called a condo in the first place. It seems like someone made a mistake somewhere when this thing was being recorded. that was all, thanks anyhow.
 
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