BiggerPockets

Here in Nevada we don't have an income tax either. RE taxes had been poised to escalate significantly with a run-up in housing prices. However the state legislature was fearful of a California style "proposition 13" tax cap that was in the works and they stepped in. RE taxes can increase no more than 3% in any year for a primary residence or 6% for an investment property.

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Come on Mike,

You know that us greedy landlords are constantly robbing the welfare money from our deadbeat tenants. They HAVE to charge us more in order to give them the welfare checks and Section 8 money to pay the exorbitant rents we charge. You'll learn all about it in the Obama-nomics re-education camps.

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My taxes just went down to 2%. 2% on a property that cost $10,000 and rents out for $600 a month. Don't know what I'm thinking investing in this nonsense cashflowing property in a "crappy little town".

...and you can count on property taxes going UP when the economy gets bad. It is politically difficult to raise income taxes, so they raise everything else: property tax; institute landlord "registration" (along with a fee); raise sales taxes; business taxes; personal property taxes -- anything to divide and conquer the taxpayer.

Mike

Just north of Jacksonville, in S.C. we just got our property tax bills. All up an average of $250-$300 just based on mils increase.

My little 2/1 with 820 sq. ft. runs $1690 a year now. It's worse on 3/2's and multifamily buildings in town. My hairdresser's bungalow was taxed at $5500 and it's in a distressed area of town.

That break they gave homeowners on school taxes is going to be clawed from the 6% er's now and forever more.

I'm changing MikeOH's 50% rule for expenses to 60% just to keep up with RE taxes.

I protested most of my tax bills here in Texas. I actually got one reduced from assessed value of $124K to 100K. nevertheless, when you have over 40 properties to pay taxes on, it is a pain. I'll still take this area over any others(except MS to avoid paying any income tax) due to low median price rent and relatively high rents. I continue to buy and build here in TX.