Huge Potential Tax Increase, West Warwick RI
Are there any investors in West Warwick, RI that just received their new property evaluation? I bought a duplex in December and just got a notice about the new assessed value. They doubled the assessed value on the structure, an increase of about $70k. Since I am paying the non-owner occupied rate, I am looking at a potential increase of about $2700 a year if the rates stay the same. To me this is a huge increase, I know we should count on taxes to increase, but I was thinking in the neighborhood of maybe a $500 increase occasionally?
Based on my numbers it won't sink me (if my numbers are right) and I will still have positive cash-flow, but it really turns it from a seemingly decent first rental property to something not really worth the time and money I am putting into it. Selling isn't really a good option right now since I think I over-paid a little because I underestimated the amount of work it needed (rookie mistake I know, I'm learning from it) so I haven't increased to value enough to cover my initial investment and paying a relator commission. Any thoughts from people in similar situations?