New investor insurance confusion

Multi-Family and Apartment Investing
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New investor insurance confusion

Jonathan Bell
Investor · Atlanta, GA · Member since 2020 · 66 posts · 17 votes

I'm underwriting a property and I'm trying to implement property taxes into the expenses but they aren't listed in the t-12. Any tips on figuring this out? 

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Nick B.
Investor · North Richland Hills, TX · Member since 2013 · 1k+ posts · 1k+ votes
4y

Look up the property at the county property tax website. It should have amount of taxes assessed on that property for the last year. 

Then look at the way property taxes are calculated going forward. I.e., how will the taxable value change upon sale and what it the tax rate.

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  • Nick B.
    Investor · North Richland Hills, TX · Member since 2013 · 1k+ posts · 1k+ votes
    4y

    Look up the property at the county property tax website. It should have amount of taxes assessed on that property for the last year. 

    Then look at the way property taxes are calculated going forward. I.e., how will the taxable value change upon sale and what it the tax rate.

    1Reply
  • Charles Seaman
    Apartment Syndicator · Charleston, SC · Member since 2017 · 519 posts · 631 votes
    4y

    @Jonathan Bell Your best bet is to contact the tax assessor in the area that you're looking for properties in.  Property taxes will vary from area to area and there can often be substantial increases upon a sale.  You need to understand when the reassessment will occur, how the valuation will be determined, and if a sale will have any impact on when the reassessment will occur.

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  • Jonathan Bell
    OP
    Investor · Atlanta, GA · Member since 2020 · 66 posts · 17 votes
    4y
    Originally posted by @Charles Seaman:

    @Jonathan Bell Your best bet is to contact the tax assessor in the area that you're looking for properties in.  Property taxes will vary from area to area and there can often be substantial increases upon a sale.  You need to understand when the reassessment will occur, how the valuation will be determined, and if a sale will have any impact on when the reassessment will occur.

     Thank you Charles!

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  • Jonathan Bell
    OP
    Investor · Atlanta, GA · Member since 2020 · 66 posts · 17 votes
    4y
    Originally posted by @Nick B.:

    Look up the property at the county property tax website. It should have amount of taxes assessed on that property for the last year. 

    Then look at the way property taxes are calculated going forward. I.e., how will the taxable value change upon sale and what it the tax rate.

     Nick, thank you!

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  • Charles Seaman
    Apartment Syndicator · Charleston, SC · Member since 2017 · 519 posts · 631 votes
    4y

    You're welcome @Jonathan Bell

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