what the heck are special taxes?

[Andrew Tobler]

hey! so Im trying to get some practice analyzing apartment complexs and im having trouble understanding taxes.

its a 7 unit in Milwaukee Wi that rents for $600 a unit which ends up being $4200 a month /50,000 a year rental income

I guess my only question is what the heck are special taxes?

(specials was $18,534)

 the only conclusion i can come up with is that it is  35% taxation of that 50,000 annual rental income? im confused because if thats the case this property would be cashflowing at $-200 based on all the expenses that i calculated on the property.. am i missing something? just seems ridiculously high and turned this property from a great deal to a hunk of doo doo

https://www.redfin.com/WI/Milwaukee/2208-W-Locust-...

[Brie Schmidt]

Originally posted by @Andrew Tobler:

hey! so Im trying to get some practice analyzing apartment complexs and im having trouble understanding taxes.

its a 7 unit in Milwaukee Wi that rents for $600 a unit which ends up being $4200 a month /50,000 a year rental income

I guess my only question is what the heck are special taxes?

(specials was $18,534)

 the only conclusion i can come up with is that it is  35% taxation of that 50,000 annual rental income? im confused because if thats the case this property would be cashflowing at $-200 based on all the expenses that i calculated on the property.. am i missing something? just seems ridiculously high and turned this property from a great deal to a hunk of doo doo

https://www.redfin.com/WI/Milwaukee/2208-W-Locust-...

 You need to look deeper into it.  Specials can be for things like street work or water main updates, but usually it is for past due taxes and water bills.  I think in the few hundred of tax bills I have looked up in Milwaukee only once or twice it was for city work, almost always it is past due taxes/water