OK, I hate these guys. I bought some properties back in 2011-2013 that had an original property tax in the $10K range. Last year it was over $14K and I got a couple big bumps on some properties again. Does anyone know how they come up with their "Appraised value". There really doesn't seem to be good reasoning that goes into it.
My issue is that I put in ~$700K in rehab on all of the properties, so I actually can't contest their assessments. I'm sure they are worth what they are calling the Appraised value. It's just that I'm essentially being taxed on my own capital and loans that I brought to the table and at a very fast ramp.
Any suggestions? I know some landlords pay someone to contest every increase and pay a percentage of what is saved. I just know that I bought a bunch of shit-holes and made them very nice. I'm not a fan of being penalized for that. It would be different if I had a huge positive cashflow, but I don't...yet
My issue is that I put in ~$700K in rehab on all of the properties, so I actually can't contest their assessments. I'm sure they are worth what they are calling the Appraised value. It's just that I'm essentially being taxed on my own capital and loans that I brought to the table and at a very fast ramp.
Any suggestions? I know some landlords pay someone to contest every increase and pay a percentage of what is saved. I just know that I bought a bunch of shit-holes and made them very nice. I'm not a fan of being penalized for that. It would be different if I had a huge positive cashflow, but I don't...yet
