The simple answer is yes.
In more detail now; I am guessing that your are buying from a flipper / turnkey (i.e. post-rehab) and that 81K is what will show up on the HUD-1 form later this year when you close. So you should expect the school board to take note of the transfer / price and launch an appeal of the valuation to the purchase price.
Hope the even with the higher taxes, property still hit the returns you expect.
@Michael Lewis Supposedly values will be reassessed county wide this fall, so definitely count on your taxes rising. However, it has been my experience that assessed values tend to lag behind retail value and I have overestimated my property taxes in Cleveland each time I have purchased, so it might not be too drastic a raise.
Just a heads up, I am organizing a meet up for LA investors interested and/or actively investing in the Cleveland, OH market.
Wednesday 9/5/18 at 7:30PM
EP/LP Rooftop Bar
603 N. La Cienega Blvd
West Hollywood, CA 90069
The event will just be a meet and greet of like minded folks. No Guru presentations, just an informal gathering. Conversations will not be only limited to Cleveland, so if you know another investor who might also be interested in networking, feel free to let them know about the event.
If you plan on going, please make sure to hit the "going" tab under the upcoming event listing on the main page.
Hope to see you there!
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