All Forum Posts by: Cliff T.

Thanks for the replies @Paulette Midgette @Joseph ODonovan!

Do you know if recent sales affect the assessed value in any way? Or is there any way to understand the formula that determines assessed value?

Also, I know the tax rate is currently 1.3998%. Any idea how the tax rate has changed over the last 10 years?

Anyone know of a good way to estimate how assessed value for a property in Philadelphia will change after purchase? For example, if the current assessed value for a property is $800,000 and I plan to purchase at $1,000,000. Will the assessed value jump to $1mm, based on the sale? Or will it land somewhere in between?

I've looked on the Philadelphia tax assessor's website and came up short on details. I also know the city has recently been under scrutiny for having issues with their property assessed values, but it surprised me that their formula for calculating the value is not a bit more transparent.

Any help would be much appreciated. Thanks in advance!

@Paulette Midgette - a follow up on this, do you how property taxes in Philly are adjusted when a sale occurs? Is the new assessed value set by the new purchase price?

For example, if I purchase a property for $500,000. Current assessed value is $325,000. Will the new assessed value jump to $500,000? Will it remain at $325,000? Or will it jump, but to something in between?

@Steve Maginnis - thanks Steve! Appreciate the tip. Will reach out to Mike.

@David Wales - is this meet up still happening? Anyone in the Charlotte area able to refer me to a solid MF broker?

Hey BP,

My investment partner and I are looking to expand into the Charlotte market in the next 3-6 months. Does anyone have a multifamily broker that they can refer us to?

Currently looking at properties in the $1-3mm range, ideally B/C class with some value-add opportunities. I know inventory is tight in the market, but we're looking to start building relationships now so that we can move quickly if & when properties become available.

@Jonathan Williams - were you able to locate a solid MF broker in Charlotte?

@Scott Morongell and anyone else on this thread - interested in meeting up either next Thurs March 14 or Fri March 15? I'll be in town with another investor and would love to connect with folks investing in the Charlotte area.

@Michael G. - can you clarify how you implement RUBS with existing tenants, especially ones that have been in the building for years? Do you have them sign new leases with the RUBS language included?

@Steven Hamilton II upon sale of this property, don't the passive carryover losses get added to the adjusted cost basis? So his new cost basis should be $855k and thus, no taxes owed regarding the recapture depreciation?