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Condominiums: Owner has a deed for unit, has a separate mortgage, pays property tax on the unit plus a percentage of the common areas and pays a monthly maintenance fee. A board of directors governs the complex with the owner having one vote. The condominium owner has a fee simple absolute unrestricted ownership and is individually responsible for property taxes and maintenance fees. Use the sales price of condominiums with similar size, appeal, age, neighborhood, incurring similar maintenance fees, etc. to determine market value.

Cooperatives: Most co-ops are incorporated and a board of directors governs the complex with the owner of each individual unit having one vote. The owner has no deed, only stock and a proprietary lease which has a term from 10-50 years renewable automatically or at the discretion of the shareholders. He/she cannot refinance his unit as a condo owner can. Mortgage, property tax and maintenance fees are paid pro rata by the owner according to the percentage of the overall size of the unit. Property tax appeals involve the corporation and the stockholders.