Getting Hammered on Property Taxes

[Jake Dotson]

Hello,

Wondering if anyone is having a similar issue, and what you are doing to avoid it or help compensate for the extra costs. I have two Multi-Family properties that have had their property taxes significantly increase (double) within a 18 months of purchasing them. The reason being that the properties had not been transferred for 5+ years and I am buying them at a significantly higher price than before. 

I had one property go from $10k per year, to $10k per HALF year, and another doing the same. And I can't argue the appraised value with the county, because they are simply using the sales price as the "new appraised value". Bottomline is, is there something I can do to avoid this, or should I just take my lumps, focus on increasing income, and be more mindful of this in the future?

I am guessing it's the latter, but curious to hear BP forum thoughts.

Thank you,

Jake Dotson

[Bjorn Ahlblad]

@Jake Dotson same here on the West coast. We did appeal one increase, they listened politely and it went nowhere. On the positive side property prices are through the roof so that might offer some comfort. Best thing to do is raise rents and forget about it.