Why are the taxes so high on this property in Columbus?

Question

There is a property in Columbus that I am interested in, but I can’t figure out why the taxes are so high. For example, I am currently in contract on a $280k duplex in the city and the taxes are around $4.5k a year. The place I am interested in is currently on the market for $160k but the taxes are just over $5k a year! There are two buildings/units on one parcel, one efficiency unit and one 2-bed ranch. Other than that, I can’t figure out why the taxes are so high when the value of the house is so low. Thanks for any input.

Robert Ellis · Answer

The assessment value is where the taxes are going to be coming from. There are also special assessments I would check the property out on the county auditor site to see what the taxes are consisting of, this will give you an idea of the taxes. Then you can always reach out to see if you can get a reduction on taxes and pay taxes based on the value you paid. This doesn't always work, but is worth a shot.

Dave Toelkes · Answer

If you buy the property, you can always try to appeal the assessed value citing your actual purchase price as the true value. Sometimes it works and the assessment is lowered. However, if comparable properties in the neighborhood have a market value much higher than this property, a property tax appeal might be denied.

Aaron K. · Answer

The actual value doesn't matter it is all about the assessed value. Also check the special assessments as that can make a big difference.

Why are the taxes so high on this property in Columbus?

Why are the taxes so high on this property in Columbus?

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