Tax Adjustment Strategies for Multifamily Apartment Buildings

[Trey Eaton]

I have an (11) unit apartment building in Lakewood, OH, and I am trying to figure how to best approach re-negotiating with the county for lower taxes.  The property was purchased at $335K and I am paying property taxes at just over $12K a year. When I look at properties in other locations that are valued much high, example being a place going for $1.5M plus in the Washington, D.C. area is paying $12K in property tax a year.  I understand different areas have different tax rates and especially across state lines but I find it extremely hard to believe that an out skirt town of Cleveland, OH commands almost 5 times the amount of property tax. 

What has worked for those that have successfully re-negotiated their property taxes on multifamily apartment buildings?

Thanks,

Trey 

[Brian Adams]

Trey, I am using a property tax consultant to help me with my 200+ unit deal. They don't get paid unless they lower the tax and their fee is fixed.

You may want to engage the services of a professional to help you.