Property taxes in Cleveland, Ohio.....why so high?

[Terry Lao]

Why are property taxes so high in Cleveland, Ohio, relative to the sales price? I saw a duplex listing price of about $90k with good cash flows, but my goodness.....the property taxes were $4800. This is about 5.5% of sales price. I'm in southern california, and I think my property taxes are high, about 1.1% of sales price, which comes out to $5k.

Is there something i'm missing?

Terry

3234 Euclid Heights

Cleveland Heights, Ohio 44118

NEW BANK APPROVED PRICE

$89,900

HIGHLIGHTS

• 2 units
• Down is a 3 bed 1 bath unit
• Down is rented for $795 per month
• Down lease available upon request
• Up unit is a two floor 5 bed 1 bath unit
• Up unit is being left vacant for easy showings
• Up unit market rent is $995/mo
• Total market rent; $1,790/mo
• Tenants pays gas & electric
• Owner pays water & sewer
• Roof is older
• Older furnaces approx 20 years old (each unit has it's own furnace)
• Hot water tanks around 5 years old (each unit has it's own hot water tank)
• Annual property taxes are $4,823 per year