Friday, February 6, 2009
HOA vs SSA
A mallard point resident explains some differences:
Some differences between a Home Owners Association and a SSA tax (because they are vastly different):
1. A Home Owners Association cannot be forced onto our sub-division by the Village of Sugar Grove. A HOA can be forced on us if enough residents in our sub-division votes it in.
2. A Home Owners Association does not collect a tax, it collects dues. The reason this is important is because HOA dues are currently not allowed as an itemized deduction on your income tax return.
3. An SSA tax is a bit trickier. An SSA tax is not a property tax. Payments either qualify as an increase to the basis of our property (which you cannot deduct as a real estate tax on your tax return) or as a repair & maintenance (which you can deduct as a real estate tax on your tax return). The criteria for which route to go stems over whether the assessment is for an improvement or a repair & maintenance.
--------
Full comments has been reactivated, but will be monitored. Please use the name/url feature to eliminate anonymous comments--use your name, nickname, address or even something kind of obscure such as "400 block of Brookhaven Circle."
Some differences between a Home Owners Association and a SSA tax (because they are vastly different):
1. A Home Owners Association cannot be forced onto our sub-division by the Village of Sugar Grove. A HOA can be forced on us if enough residents in our sub-division votes it in.
2. A Home Owners Association does not collect a tax, it collects dues. The reason this is important is because HOA dues are currently not allowed as an itemized deduction on your income tax return.
3. An SSA tax is a bit trickier. An SSA tax is not a property tax. Payments either qualify as an increase to the basis of our property (which you cannot deduct as a real estate tax on your tax return) or as a repair & maintenance (which you can deduct as a real estate tax on your tax return). The criteria for which route to go stems over whether the assessment is for an improvement or a repair & maintenance.
--------
Full comments has been reactivated, but will be monitored. Please use the name/url feature to eliminate anonymous comments--use your name, nickname, address or even something kind of obscure such as "400 block of Brookhaven Circle."
# posted by Julie @ 8:25 AM 
Comments:
<< Home
As far as I can tell the city took implied control of our drainage system when they took over the street and sewer maintenance because nothing else was specified in any contracts I can find so far. However we will pay for it in one form or another.
No matter what the final decision by the board is it will still have an impact on the taxes we pay, but so does everything else they do. The new municipal buildings, the library, the bike path..it all increases our taxes.
Personally I don't use any of them and would like to see my taxes being used for something beneficial to me. (Hell, I can't even get a new tree put in front of my house after a storm destroyed the last one)
Post a Comment
No matter what the final decision by the board is it will still have an impact on the taxes we pay, but so does everything else they do. The new municipal buildings, the library, the bike path..it all increases our taxes.
Personally I don't use any of them and would like to see my taxes being used for something beneficial to me. (Hell, I can't even get a new tree put in front of my house after a storm destroyed the last one)
# posted by 
: February 6, 2009 at 9:02 AM
: February 6, 2009 at 9:02 AM Subscribe to Post Comments [Atom]
<< Home
Subscribe to Posts [Atom]