Property taxes and assessed values
Hey BP community. I can’t express enough how much I appreciate this resource. I have a question. I am in escrow on my 3rd rental. This will be the 2nd in Cleveland OH. I’m curious to know how and what I should expect regarding the assessed value of the home after it is purchased. For example. It is currently assessed at 40k and after rehab and paying off city violations I am purchasing at 81k. I already have the proposed 2018 tax amount and it fits well in my calculation for COC return however my question is if and at what point will the county reassess based on the higher purchase price and will the assessed value double essentially doubling the tax? I’d love some input from veteran experienced investors.