Appeal Tax Assessment to Increase Cash Flow in Baltimore City
I'm a nuevo Real Estate Investor, and I will close on my first property on November 1. Based on many books, blogs, vlogs etc., it seems that cash flow should always be the priority. Therefore, my first plan of action, after I close, is to appeal the recent tax assessment on the property based on my purchase price. I bought the SFH for $76,500, however, Baltimore City assessed it at $110,333 (and I'm thinking that's what it has based the taxes on). In addition, while I was under contract to buy the home, the appraisal came in at $92,500. So, I'm thinking if my appeal is approved at either purchased price or recent appraisal, my tax bill will be cheaper, therefore increasing my cash flow. Baltimore City real property tax rate is the highest of any jurisdiction in Maryland with this property being assessed at 2.36 percent.
Does anyone have experience with this? Any tips you can share will be much appreciated.