Property taxes in Cuyahoga County

[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?

[Allan Smith]

They will increase value but not likely to go all the way to full market value. I've seen this cycle a few times in counties around me.

[Adam Feick]

@Alex Etlin  Use Zillow and the auditor's website to look at other properties that sold in the last year or so.  You can look at the auditor's website to understand how close to the sale price they will place the new property value.  

[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 

[Bob Stevens]

Quote from @Allan Smith:

They will increase value but not likely to go all the way to full market value. I've seen this cycle a few times in counties around me.

 Incorrect, they will tax at the new PP, of 135k, 

[Alex Etlin]

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? 

[Bob Stevens]

Quote from @Alex Etlin:

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? 

 This is why you need a team. ALSO i meant ALL IN 80k, PP was 50kish,  I have 25 contractors, so I can handle all issues.  you canNOT :)

Build a team, do not even think about going it alone, it will not end well,