Taxes- A fall thing
In Oregon fall is greeted with falling leaves, return of the rainy season and the new property tax bills.
Reports are that we are looking at tax increases where I live. We have a tax limitaiton law that allows property taxes to rise by 3% annually. And there were new tax levies approved last year for one thing or another- parks, schools and children's programs.
But for us investors the reality is that this is a year where property values have not increased but have fallen. For most of us, there is less ability to pass along a new cost to financially strapped tenants.
I've one property where the taxes increased 300% because I had renovated the property. This year I intend to appeal the taxes. We've not been able to get a sale this year at even a price lower than what I paid for the property 4 years ago.
Are you going to appeal your new taxes? What are the odds of getting a reduction?
Reports are that we are looking at tax increases where I live. We have a tax limitaiton law that allows property taxes to rise by 3% annually. And there were new tax levies approved last year for one thing or another- parks, schools and children's programs.
But for us investors the reality is that this is a year where property values have not increased but have fallen. For most of us, there is less ability to pass along a new cost to financially strapped tenants.
I've one property where the taxes increased 300% because I had renovated the property. This year I intend to appeal the taxes. We've not been able to get a sale this year at even a price lower than what I paid for the property 4 years ago.
Are you going to appeal your new taxes? What are the odds of getting a reduction?
