9 Responses to “Robbing (with) the vault”

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  1. P3 parker

    This reeks of double taxation. I’m already taxed on my parking spot via my property tax bill. My parking spot was bundled with my condo at sale.

  2. MVTer

    I would add that the “vault” space on public property only has value to the building. It has no other use for the city. The city should be encouraging otherwise useless property to be utilized rather than treating condos as a blank check. At a minimum, the parking spot “owners” should be capped at the property tax of other parking owners.

  3. Bill

    I’ve lived in this building for years so due to previous experiences with our management / board, this didn’t surprise me.

  4. J

    I don’t think the board bears any of the blame here, but rather the city and JBG. JBG failed to disclose this issue to people buying parking spaces in the vault area (I’m fortunately not one of them), and the city waited years to send the board a bill. In fact, I think the board (I don’t serve on it) have done well to work with the city and the tax office to resolve this issue.

  5. 555er

    Excellent info. I’ve seen the signs posted on some of the parking spots in 555, but never bothered to find out what they meant, since my spot wasn’t affected. After reading this post, I have new-found empathy for the owners of the parking spots – but for the grace of god, and all that jazz. Hopefully we can get this resolved.

    Thanks!

  6. FourthandEye

    Not sure what Bill’s comment means. Perhaps a vault charge shouldn’t have been surprising… but one that was 10-20X too large is shocking.

  7. DCer

    JBG should bear a heavy responsibility for this. If they knew about it, they should have disclosed it. If they didn’t, they did not properly research this. Title insurance should kick in too, since this is tied to some specific units. Get a good lawyer.

  8. Christina Hsu

    I am in the process of buying a condo in the Mt Vernon Triangle area that has some enchroachment clause in the public offering statement (i.e. balconies over city sidewalk), and I have not been able to reach anyone in OTR who could explain to me the potential implications and probability of a vault tax being levied as well as its extent. Should I walk away from buying that condo? I would really appreciate some advise as I only have til next Monday to review the condo doc.

Trackbacks

  1. [...] Mount Vernon Triangle – An explanation and discussion about vault space rentals. This is not the kind of vault you’d find in a bank…if you own a condo and parking space downtown, you may want to read this one. [The (Mount Vernon) Triangle] [...]