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CSA TRAVEL INFORMATION GUIDE
Furthermore, permanent residents of Texas qualify for the Homestead Tax Ceiling, which limits the
amount of taxes paid on a residence. If a homeowner is qualified for a 65-and-older or disabled
person homestead exemption for school taxes, the school taxes on that home cannot increase as
long as he/she owns and lives in that home. The tax ceiling is the amount paid in the year that the
homeowner qualified for the 65-and-older or disabled person exemption.
To repeat, these exemptions are provided solely to permanent full-time residents of Texas. Seasonal
or secondary property owners may be subject to higher taxes than the permanent or primary
residents of any given state where homestead exemptions exist.
Community Homeowners, Cooperative and Condominium Associations
In homeowner and condominium associations, owners have title of their individual units but the
association has title over all communal elements. If you are considering the purchase of a living unit
in a regulated park or housing estate, it is important to review all rules and protocols before signing
an offer to purchase.
If your intended property belongs to an association, be sure to ask the real estate agent for a copy of
all documents pertaining to the cooperative, including terms, conditions, restrictions and the latest
financial statements. These documents could contain important information allowing or preventing
you from making structural additions and modifications to your unit, the colour of exterior paint, the
maintenance of your grounds, the installation of satellite dishes, fences and other barriers, patios and
even pets.
Prior to purchasing a condominium or home in a community association, try to answer the following
questions:
Common Fees
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Does the association have an adequate reserve fund (nest egg) to pay for major repairs,
replacements or upgrades to common areas (e.g. replace the roof or windows every 20 years)?
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Is that account paid up-to-date by all unit owners or are there arrears and shorfalls which
could result in a surprise special catch-up levy (of several hundred or thousands of dollars) that
you will be required to pay in addition to your ongoing maintenance fees?
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Does the association have an adequate and up-to-date contingency reserve fund – separate
from regular annual operating funds or the capital works reserve fund – to deal with sudden
large-scale problems (e.g. major plumbing leak requiring replacement of pipes) that may have
to be urgently paid beyond the regular maintenance fees?
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What is covered (and not covered) in the common fees?
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What is your responsibility – both to complete the work as well as incur any costs?
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What is the annual operating budget of the association and is it adequate to meet the objec-
tives of its board of directors?
Maintenance
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How much will maintenance cost and how often will it need to be paid?
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Is the quality of maintenance up to par for the amount being collecting in fees?
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Are there (or have there been) any infestations by insects or rodents?
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Has there been any damage from wind, fire or water?