Final answer:
Residential condos are categorized as real estate property for tax purposes and are subject to property taxes based on their assessed value.
Step-by-step explanation:
For tax purposes, residential condos are considered real estate property, which means they are subject to property taxes. These taxes are generally imposed by local governments based on the fair market value of the property. The specific value is determined by a government assessor, and a proportional tax rate is then applied.
Owning a condo can thus involve a complex balance of costs and benefits, and it is also affected by various governmental restrictions, zoning regulations, and the economic health of a region. While residential property may offer potential financial returns in terms of capital gains, property ownership is also a responsibility that includes upholding maintenance and adhering to local laws.