What is the consequence if a condo owner fails to pay property taxes?

When a condo owner fails to pay property taxes, it jeopardizes the owner's position in several significant ways. The property taxes are a lien on the property, meaning that the taxing authority has a legal claim against the property for the amount owed. If the taxes remain unpaid, the government may initiate a tax lien sale or foreclosure process. This could ultimately result in the loss of the property if the taxes are not paid within a specified period, thereby diminishing the owner's legal and financial standing regarding the property.

The consequence of not paying property taxes is serious enough to affect the owner's ability to sell or refinance the property, as potential buyers or lenders would be wary of any existing liens. Therefore, failing to pay property taxes not only risks seizure of the property but can also lead to a cascade of financial and legal complications for the condo owner, directly threatening their ownership rights and the value of their asset.