If the tenant pays them yes, if the owner pays them, then they should be included in the NOI as long as they pertain to the actual property and are not personal income taxes. I'm assuming you're referring to property taxes, hazard insurance for the property, etc. If you're talking about the NOI for factoring CAM in a lease, then obviously you wouldn't factor the additional expenses. You need to clarify whether you're talking about the sale of a buidling, or for a lease negotiation, etc. Hope that helps.
Dec 5, 2008