I recently purchased a 2 unit investment property in NW Indiana (Lake County, Hammond). The assessed value is 182K which is fairly accurate. My tax bill just came in and its 5K a year. My questions are:
- Does 5K a year seem accurate? I assumed my tax rate for an investment prop would be closer to 2% of value or about 3.6K a year.
- Are there any exceptions I can take advantage of to lower my prop tax bill?
- Anyone here paying a similar amount? What are your experiences?
Thanks in advance everyone!
It's 2% plus voter approved crap they can add on top of that. Hammond had some stuff they've voted for the last 2 years to do improvements for the schools. I believe 1 falls off next year but don't quote me on it. Every town is doing it and it sucks. Happy to look into it privately if you want to connect. I buy about 35-40 houses a year in Hammond so know the area well.
Thanks Adrian. I have since read more online and now realize its 2% plus. Luckily I still have good cash flow, Hammond is a great area IMO as well. Thanks for the offer to connect.
Are you able to do a tax search on the county website? I usually take a peek at the tax bills in my own due diligence. Might help in the future so you don't get any surprises.
Thanks Harrison, good info. I'll have to include this as part of my due diligence.