Taos Real Estate » Septic Info http://galleryrealtyoftaos.com Taos real estate & tourism information, maps, homes for sale, land, statistics. Thu, 09 Sep 2010 12:21:26 +0000 en hourly 1 http://wordpress.org/?v=3.0.1 Taos real estate & tourism information, maps, homes for sale, land, statistics. Taos Real Estate no Taos real estate & tourism information, maps, homes for sale, land, statistics. Taos Real Estate » Septic Info http://galleryrealtyoftaos.com/wp-content/plugins/powerpress/rss_default.jpg http://galleryrealtyoftaos.com/category/taosrealestate/septic-info/ Don’t Forget Condo Common Area Improvements at Tax Time http://galleryrealtyoftaos.com/2008/06/24/dont-forget-condo-common-area-improvements-at-tax-time/ http://galleryrealtyoftaos.com/2008/06/24/dont-forget-condo-common-area-improvements-at-tax-time/#comments Tue, 24 Jun 2008 17:57:34 +0000 Jim Kimmons, Broker/Owner http://galleryrealtyoftaos.com/?p=1075 The National Association of Realtors just ran a story on a frequently-overlooked tax break for condominium owners.  Regular maintenance is not deductible at the time of sale, but you can write off your proportional share of major improvements to common areas, as it becomes part of your cost basis.

As many of the Taos real estate market condo owners are not using it as their primary residence, this is something to consider when you're about to sell.  One client of mine had a major septic upgrade for the entire project in the last year or so.  Consult an accountant, but they should be able to write off their proportional share of this expense in their cost basis when they sell.

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]]> http://galleryrealtyoftaos.com/2008/06/24/dont-forget-condo-common-area-improvements-at-tax-time/feed/ 0 Taos Real Estate Septic Regulations http://galleryrealtyoftaos.com/2007/12/30/taos-real-estate-septic-regulations/ http://galleryrealtyoftaos.com/2007/12/30/taos-real-estate-septic-regulations/#comments Sun, 30 Dec 2007 15:20:16 +0000 Jim Kimmons, Broker/Owner http://galleryrealtyoftaos.com/2007/12/30/taos-real-estate-septic-regulations/
Septic systems comprise the vast majority of waste disposal mechanisms in the Taos area. In the past, regulations and lack of oversight has caused problems with some ground water. In 2006, a new statewide septic regulation was passed, and is being stringently enforced. Property cannot be transferred without a valid septic permit on file at the Environmental Division in Taos.

If you are buying any property with a septic system in place, the following procedures are followed during the purchase process:

  • A septic inspection is ordered by the Seller.
  • Septic system is pumped and inspected.
  • If it passes, a valid permit is issued and all is well.
  • If the system does not pass, problems must be corrected within 15 days of notice.
  • Buyer or Seller might pay for this, as it is a negotiated contract item.

You should know that many existing simple septic systems with leach fields do not comply with the new regulations due to the lot size. 3/4 acre size is required for a lot to allow a normal leach field. That 3/4 acres must be net of easements and roadways. If the current system does not qualify, the state can require the installation of special systems that can carry costs two to three times higher than a normal system with a leach field.

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