insane tax rate in Cincinnati (Clifton) ???
Several weeks ago I came across a 4 plex (all units are 1BR/1Bath) in what I consider a highly desirable area adjacent to the U of Cincinnati (Ludlow Gaslight).
The address is 3379 Morrison Avenue.
I checked the taxes on the property ( for sale at $259,900) and they are listed at $9,254 per year ! That's $771 per month !
http://www.hamiltoncountyauditor.org/realestateii/ROVER30.ASP
Per a craigslist add that I found for the lone vacant unit in the building, the "asking rent" is $700 per month ( x4 units= $2,800). Unknown what the other rents are, but I put in a call to the owner today and hope to hear back from him after the holiday weekend...
Based on the numbers above, it appears that the effective property tax rate in the City of Cincinnati for apartment buildings (even little 4 plex apartment buildings) is 3.5% !!!
Is this possible???
@Chris Winterhalter , Chris, I know that you know the area, your thoughts/explanation?
thanks
DL