New to Real Estate · Tartu, Estonia · Member since 2020 · 5 posts · 5 votes
Hello everybody. I'm fairly new to Bigger Pockets and real estate in general. I am looking at buying my first rental property, out of state, through a turnkey company in Kansas City soon. After I get a little more experience, knowledge, and develop some good contacts I would like to do some BRRRR deals, but right now I just don't have the time to for that, hence the simple turnkey option.
My question is: When analyzing potential deals, where can I go to find accurate property tax projections for potential properties? I see property tax listed on Zillow, is that accurate? Are there specific county website for Jackson, Clay, and Platte county that I can find the actual property tax from previous years?
The problem is that of course the site security is outdated- thanks jackson county so you have to use google not safari and go into the advanced search in order to go to the site. The lookup is a bit tricky as you never quite know how they entered the prop but this is the best search tool. Good luck! Also you won’t find better prop taxe rates anywhere than in KCMO shhhh don’t tell anyone!
The problem is that of course the site security is outdated- thanks jackson county so you have to use google not safari and go into the advanced search in order to go to the site. The lookup is a bit tricky as you never quite know how they entered the prop but this is the best search tool. Good luck! Also you won’t find better prop taxe rates anywhere than in KCMO shhhh don’t tell anyone!
In addition to Adam's excellent guidance above I'll share: be aware that the tax on the property will likely spike once you buy it. Typical turnkey companies are buying homes of suppressed value, adding value, and then selling them to the end user at a higher price as a stabilized rental. The tax authorities, bless their souls for this, are a bit slow and this change-of-hands usually isn't reflected for a few months. Once it's on the books, though, you can expect to see a nice little bump there.
So, calculate your cashflow based off of an elevated number. The short-cut way would be to take the current rate and at 10-15% to it. The long-cut way would be to find a similarly updated house in the exact area that sold a few years ago and check their annual tax amount.
Hey @Will Fraser I hear you that usually happens that taxes spike after the sale. That totally happened to me in Indianapolis and I got in cash flow hot water quick but... this is why jackson county is genius... I bought a turnkey there and we are going on three years with no significant increase. Maybe this will catch up to me but so far so good. The fact that their property tax website is obsolete is a good sign that they don’t care about increasing them too much ha!!! I actually switched to investing in kcmo from Indy because their tax updates were so lax... so yes, def be warned but 6 units later in kcmo still no increases!
Hello everybody. I'm fairly new to Bigger Pockets and real estate in general. I am looking at buying my first rental property, out of state, through a turnkey company in Kansas City soon. After I get a little more experience, knowledge, and develop some good contacts I would like to do some BRRRR deals, but right now I just don't have the time to for that, hence the simple turnkey option.
My question is: When analyzing potential deals, where can I go to find accurate property tax projections for potential properties? I see property tax listed on Zillow, is that accurate? Are there specific county website for Jackson, Clay, and Platte county that I can find the actual property tax from previous years?