I heard recently from an attorney that multi-family buildings (more than 4 units per) in Hartford are taxed at almost twice the tax rate for single family or condo units? Is there a tax advantage to converting units to condos?
Would love to hear from experienced buy and hold experts in the Hartford area!
I am an out of town investor, although I grew up outside of Hartford, looking to acquire multifamily properties (6-12 units) in Hartford, CT. I wanted to bring back up the issue of real estate taxes in Hartford as I understand that they recently underwent a significant reassessment. Does anybody know the plan going forward for reassessments and if they reassess upon a sale? I understand that the threat of bankruptcy may not be imminent anymore, but if the city does file for bankruptcy, does anybody have any idea how this would affect real estate taxes going forward?
Thank you in advance. Happy Holidays!
@Joe Schmoe yes, this is done in Hartford, and being done successfully. There are certainly rules and some red tape. I’ve never met a true Joe Schmoe before. This is awesome.
The mill rate is extremely high in Hartford, New Haven, Bridgeport, and Waterbury. Hence why in Bridgeport specifically the rental rate is so ridiculous because so are the taxes!
Ive never done this before. Can someone walk me through the process? Thanks!
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