This is an excellent question that I fielded from a first time home buyer who is conducting a home search in the Arlington condo market. She was at an open house of a new condo property listing and the unit she saw is one out of two units that will be in the condo association. The property is currently taxed by the Town of Arlington as a two-family home and is being converted into two condominium units. What does the Town of Arlington have to say about the taxes for the new units?
The following is from a FAQ on the Town of Arlington’s web site:
What if I am buying a condominium that is in the middle of a conversion?
Until the conversion is completed, the property is recognized as just one parcel. There is only one bill for all units and it is between you and all the other unit owners how the Real Estate bill is divided. You must also notify your mortgage company as to the amount of your portion of the Real Estate bill that should be paid.
Once the conversion is completed, there will be separate Real Estate bills for each unit.