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Does condo association need to pay property tax on loan?

| Board of Directors |   Condo Association Loans |  


Question:

We are a 42 unit association in Bergen County, NJ. The association owns the super's apartment which it recently took a loan against. The entire proceeds from the loan went to into maintenance of the units including common area repairs, vendor debts, etc... Does the association now have to pay property taxes on this unit?


Answers (23)

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