Quote from @Bob Stevens:
Quote from @Alex Etlin:
Doing du diligence on a duplex in Garfield Heights listed for 135$. The overall tax is 4.3%. The last appraisal for tax is 71K (so about $3K/year). My question is, when the county does the next appraisal in 2024, what is the chance that they set the value to 135K so that the tax bill will double to $6K?
Correct, HOWEVER there are ways to NOT get reassess for the higher amount. Also, 135k is much to high. I just picked up 3 duplex, all in 80k each. rents 850/ 850 with much lower taxes. Its all about knowledge and your team
Good luck
Thank you Bob, I also heard about ways to circumvent the reassessment but it seems like too complex for a beginner.
Since you mentioned it, I saw a few duplexes in the 85K range, however they seem to require a lot of repairs and most importantly will require led certification. That is why I steered away from them. What are your thoughts on that? Perhaps you can give an example of one of the properties?
