Re: New Tax Rate is Insane!

Posted by srs7191 on 2018/3/13 11:45:07
Just to add to the abatement numbers.

We're on an abatement, roughly 10k per year.

Land, pre-reval, was negligible, about $300 per year. Now it's estimated to be about $2k.

So, all in all, going from 10.3k to about 12k.

If we had no abatement, the property tax would be around $14k. It expires in a few years.

So, all things equal, in a few years our property tax will go up roughly $2k.

If the recent numbers in this thread are true, that means when the abatement expires, the city will go from collecting ~$11.4k per year, to $7k per year from us.

This building has around 100 units in it. Meaning when the abatement expires, the city will lose (approx., at 2018 numbers) $450k per year.

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