What is the difference between monthly maintenance charged in a co-op and the monthly common charge in a condo?
[TOP] The monthly fee charged by a co-op is called maintenance. This includes all the costs of operating the building including salaries for employees, taxes and any mortgage that might be on the building as a whole. The common charge is similar except that the condo does not have an underlying mortgage and property taxes are paid directly by the owner of the unit to the city. The co-op maintenance has a portion that is tax deductible. The deduction is generally between 40-60% depending on how much property tax the building pays and how much interest it pays on its underlying mortgage.
