Updated almost 10 years ago on . Most recent reply
multi family property
Hello,
Need help from the experts in multifamily apartment property.
We are looking at a multifamily property to do a 1031 exchange. One property has 60 units. The taxes on the property are $60,000, which appears to be because there are 12 extra acres of wooded land that is a part of this property. The land has no use, as it appears to be a swampy area. Is the property tax high because of all this unused land? We have heard in some places that tax cannot be charged on wooded land, but we are not sure. Is there a chance to reduce the taxes once we buy it somehow? This is the only major hurdle on this property we believe.