Can you make $$ on a condo property with taxes in 2005?

1 Reply

Say i built 1, 50 unit condo property assesed @ 6mil after completion.
If the millage rate is @ about 10, doesnt this mean my taxes are 60k a year because I own the property?
Now say a profited 1mil because I sold all the condos in my 1 property. Wont this mean in about 20 years I would have lost all my profit and now still owe 60k in taxes?
Is there anyone experienced in profiting off these types of properties without using a loan that can provide me with some helpful insight?
I would like to invest and share some beautiful architcture with the world, but I would also like to make a profit, not lose money on my property.

If you sold all of the condos then you wouldn't be paying property taxes on them anymore. You would take your profit and go do something else.

Does this answer your question or am I missing something?

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