Crazy property tax increase in Cincinnati Ohio

[Timur Salikov]

Hey guys, 

I bought a 4 unit in Cincinnati in 2020. This month my mortgage payment jumped overnight from $2100 to $3000. Called the mortgage company and they said my insurance has gone up somewhat, but its mostly my property taxes. Then I did a Hamilton county auditor property search and saw my property value went from 167k to 320k, to the amount I bought it for a few years ago. So basically Ill be paying 12K a year for property taxes on a 320k building. Does that sound correct? Can anything be done about this? That's basically a 3.75% tax rate for Hamilton County. Whenever I do any google searches I don't see any rates that high. Seems astronomical to me.

[Remington Lyman]

Quote from @Timur Salikov:

Hey guys, 

I bought a 4 unit in Cincinnati in 2020. This month my mortgage payment jumped overnight from $2100 to $3000. Called the mortgage company and they said my insurance has gone up somewhat, but its mostly my property taxes. Then I did a Hamilton county auditor property search and saw my property value went from 167k to 320k, to the amount I bought it for a few years ago. So basically Ill be paying 12K a year for property taxes on a 320k building. Does that sound correct? Can anything be done about this? That's basically a 3.75% tax rate for Hamilton County. Whenever I do any google searches I don't see any rates that high. Seems astronomical to me.

 You should have gotten a letter to contest the increase. A lot of property owners missed this letter though

[Timur Salikov]

Hmmm, hard to contest the price evaluation because I bought it at 320k and thats what its valued at. I'm just dont understand the rate they are using. It seems off to me. 

[Sam McCormack]

Quote from @Timur Salikov:

Hey guys, 

I bought a 4 unit in Cincinnati in 2020. This month my mortgage payment jumped overnight from $2100 to $3000. Called the mortgage company and they said my insurance has gone up somewhat, but its mostly my property taxes. Then I did a Hamilton county auditor property search and saw my property value went from 167k to 320k, to the amount I bought it for a few years ago. So basically Ill be paying 12K a year for property taxes on a 320k building. Does that sound correct? Can anything be done about this? That's basically a 3.75% tax rate for Hamilton County. Whenever I do any google searches I don't see any rates that high. Seems astronomical to me.

 It is ridiculous, I am going to shoot you a message now about it now

[Marc Winter]

Timur,

Try visiting the assessor's office to discuss the valuation and millage rates.  Also, ask about the tax protest process for your location.  Just keep in mind, that a tax re-evaluation request MIGHT result in a higher tax. 

Good luck.  Keep investing a moving forward!

[Ryan Dunn]

You can always fight it. But your right it based off a % of the value. But that is a huge jump in one year.