City assessed value/taxes went up 2x is it legal?
Hey BP just just got a 2021 Notice of Assessment for a property I closed on in Nov 2020. The city states that taxable value went from $23126 to $40100. Taxes are now increased by an additional $1585 a year ($132/month) which pretty much doubles the taxes. Needless to say this cuts a good chunk of profit I was counting on. Property is still profitable just not as much obviously.
FYI Previous owner lived there for 26 years & purchase price was $83k. I am shocked that a city can just literally double the assesses value and taxes due in one swoop, is this legal? How do you prevent this kind of a surprise in the future when shopping for investment properties, I mean you run your numbers do all the math and then its all invalid after the purchase?