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All Forum Posts by: Frank Schwarz

Frank Schwarz has started 4 posts and replied 35 times.

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14

 I agree. Too bad they won't make an adjustment. They just might see some interest from all of us. 

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14
Originally posted by @John Hickey:

Frank Schwarz look into grieving the tax. Learn the ins and outs of your city/town/county. I grieved taxes on a house last years and got them lowered 7k.

... next spring I'll grieve...

LOL - Thanks. I will look into this process. 

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14

@Michael Plante - The county numbers were lower than the MLS as you mentioned. This image is from last years numbers.

I love running the numbers to learn the effects they have on a deal.

Tax year: 2016 - Total Value: $86,300

TaxExemptAbated
Land Use Code5100
Land$16,100$$
Building$70,200$$
Total$86,300

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14
Originally posted by @David Da Silva:

I'm in NJ, taxes are extremely high here. We're usually paying a minimum of $9k+ in taxes on a single family. It's unbelievable. I suggest looking into multifamily if the taxes are hindering deals. More units will split the burden and lessen the risk of going under during a vacancy.

 Excellent idea. Thank you.

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14

 I'll check that out. I was just running number and really thought it would be a decent deal.

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14
Originally posted by @James Wise:

& I thought Cleveland taxes were high.

 That was a Cleveland Property. LOL.

Post: Property taxes are twice as much as the mortgage!

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14

I was just looking at a property and was amazed that the property taxes are so high!

The house is on the MLS for $56,000 and the taxes are $6460 annually.

Checking past tax amounts showed that in 2011 they were $14,498 for a tax assessment of $41,100. 

I can't believe this! I guess I've just lived in low-tax areas for too long.

I'm just running numbers but wanted to know if you have walked away from properties because the property taxes were so high.

"Someone is being naughty." 

I love it. Such a nice response to a bad situation.

Post: Our First Rentals! (pictures!)

Frank SchwarzPosted
  • Gila Bend, AZ
  • Posts 38
  • Votes 14

Great job! They look amazing.

I have found many houses that just don't "look" right. 

A few have garages that take up the whole backyard. Others have driveways that don't look like someone could fit an SUV on them.

Walkways to the front door that appears to be 14 inches wide and 60 feet long.

I know some things can be adjusted.

Have you passed on a house that just didn't seem to fit modern lifestyles? Have you invested in a "weird" house and just let the tenants live with it?