Your Questions About Cheap Property Taxes
January 25, 2012 · Print This Article
Mandy asks…
How come some peoples property taxes are cheaper?
I was on the state(Maryland) website to pay mine and I was looking at my neighbors and the person across the street was $800 and another was $500!!!!!!! The size of the properties are the same and there is nothing different built on the land except for the houses and sheds? Any help?
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 70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
 PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
 Real Estate Investors Complete Turn key US $5,000.00 |
 10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
Because the houses and sheds are what make the difference.
Property taxes are based on the value of the property as a whole, not just the land. So that counts the house and other buildings on the property.
James asks…
Ok, so how much would I end up paying for all of this? Property taxes, etc...Buying a cheap house?
Ok, I saw this article on the front page of Yahoo, and I'm like sweet, I'm going to buy a house.
http://finance.yahoo.com/news/Radical-cheap-1000-cnnm-14005833.html
Now, in the article, if I buy a house in Flint for $500, what is the ish$ a year in property taxes I'd pay?
They talk of a house in Birmingham for almost 2k, they say 0.4 acres, comparable homes sell for 100k, what would be an ish cost on owning this house?.
Now, this seems like a really good idea, but I'm not sure if I have the money to pay it off with taxes, so I'll probably never do it. And would I have to pay regular taxes in a state I don't permanently live in?
So how dumb and crazy am I?
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70 acre Gold Mining Claim Fiddler Gulch Trib of Josephine Creek Oregon US $3,500.00 |
PHOENIX AZ TURN KEY CASH FLOW SINGLE FAMILY RENTAL INVESTMENT PROPERTIES US $1.00 |
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Real Estate Investors Complete Turn key US $5,000.00 |
10 ACRE NEVADA RANCH PARADISE VALLEY MINERAL RIGHTS $195 DOWN $100 MONTH 0 INT US $195.00 |
Landlord Specials answers:
Once again the leftist moronic "Les Christie, CNNMoney.com staff writer" has no clue what the hell he's writing about. He just took some extreme examples and turned it into a story without ever investigating or visiting these properties.
I have a documented example of this. One of my clients who lives in SF Bay Area purchased a home in Buffalo, NY for $20,000 cash (no mortgage) at an on line foreclosure auction. She figured the fixed up value to be about $45,000. BTW, she never visited the property and she took it on blind faith that the house is OK.
She quickly discovered that the city "red-tagged" the house because of serious code violations. She was told she must bring the house into compliance. To make a long story short, contractors estimated the cost to bring it up to code around $35,000 for electric, plumbing, roof, siding, furnace, etc.
She obviously didn't want to loose money on the purchase, so she wanted to get a loan to rehab. After two months of trying, no loan. Now the City of Buffalo gave her 30 days to comply or they will demolish the house. Three weeks ago she got a bill from the City of Buffalo for $19,550 for the cost of demolishing the house which they did on Dec.10, 2008.
Total cost for her experiment:
$20,000 house
$ 6,500 attorney fees
$19,550 demo cost
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$46,050 net loss
Lesson is if something looks too good to be true, it usually is.
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Josh Dunaway has been a certfied Realtor in the suburban Chicagoland area for over 20 years. Aside from starting his own real estate company, he also owns a mortgage company as well.
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