Updated over 8 years ago on . Most recent reply
Big tax increase on multi family property.
Hello all,
Here is the situation:
Our town just increased taxes on commercial properties significantly. $5,500 more per year on a 16 unit property. The property contains four buildings all with 4 units. Townhouse style units with 2 bedrooms, 1.5 baths. There has been very little done as far as updates. Rents haven't been increased in the last 3-4 years. (which is another topic which will be addressed later). NOI has not increased in 3-4 years. The town is assessing the building at an astronomical amount now. They are valuing each apartment around $100k. More realistically each apartment has a market value of $70k. The property is in fair condition and not good as they are using in their assessment. Meeting with the town on Thursday to present my case to hopefully spare me from the tax increase. Any tips or information in regards to this situation would be greatly appreciated. Thanks in advance!