Calculating property taxes - Posted by Ken

Posted by Jim on February 22, 2007 at 14:46:49:

Ken, my experience is that it is very hard to predict where real estate taxes will go.

In some suburbs of Rochester, NY, the assessed value is authomatically increased to the sales price (no lie), whereas in places like Texas, the sale price is less of a consideration.

In Chicago, sophistiicated computer programs, taking into account recent sales, determine the amount of your assessment, so your sale would have as much affect on your neighbors’ buildings as it does on yours. In my experience, it is almost impossible to predict what these computer programs will produce.

Ken, I would bet there are real estate consulting firms and law firms in Atlanta that specialize in appealing property assessments. You might consider approaching one of them for some advice. (e.g. An attorney in Chicago once told me that property taxes on an apartment building should not exceed 18% of the gross income or they quite likely can be successfully appealed.)

(Check out the local assessors web site for general calculation information.)

Calculating property taxes - Posted by Ken

Posted by Ken on February 12, 2007 at 24:37:58:

I am in the process of purchasing an apt complex in the metro - Atlanta area. I am almost finished with my due-diligence but I am having a difficult time trying to get the formula to accurately calculate the projected property taxes for this building. This is my first building and I would greatly appreciate it if someone could point me in the right direction.