News for Associations

In connection with the new property valuations, new rules about property tax for common areas are being introduced, which are important to know for those of you living in or are members of a homeowners' association.

From January 1, 2025, the common areas of homeowners' associations will be assessed as "undeveloped commercial land for recreational purposes," and therefore, property tax must be paid on these common areas. Common areas refer to lands of which the homeowners' association is the registered owner.

The full implementation of the new property valuations will occur over a period, and it is only when they are fully phased in that the actual economic burden of the new property taxes will be known with certainty. However, these additional expenses will have to be borne by the members of the homeowners' association.