We are building a spreadsheet that allows us to plug in a few numbers and obtain a quick result. I am trying to determine if it is better to simply use the purchase price multiplied by millage rate or if I should utilize last year's property tax rate. Is the assessed value for the first year (thus determining property taxes) equal to the purchase price (say for an apartment complex) or will it be evaluated each individual time? Thanks for the help!
@Ryan Johnson it's a decent starting point. For multifamily, you calculate value by NOI / Cap Rate. But since you likely wont have that info if your just browsing properties with limited numbers, tax records are a starting point, though they aren't always spot on.