Show032: How Tax Assessments Can Ruin Profit Margins

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Emily and Kirk are excited to share a story about a recent event in their own community that could potentially have a major impact on the housing market.  Their town recently underwent a tax reassessment, the first one since 1968- and many individuals taxes doubled and tripled.  For a community where many are on a fixed income, this could have drastic impacts on property values.

Even more, landlords in this town could be facing major profit losses on their rental properties.  With taxes rising and rents staying the same at least until current leases are up, landlords could see their profits minimize if not completely disappear.

With this in mind, Emily and Kirk discus the importance of learning about how often towns and cities you are looking to invest in assess properties and making sure to have a big enough profit margin to account for these issues that may eat into your profit.

We'd love to hear your thoughts on this topic and its impact on housing markets.  Leave a comment below.



What You'll Learn...

What is a tax reassessment

How often counties or municipalities may conduct them

How a tax reassessment can raise taxes and eat into your profits

Why you should ask about tax assessments before buying a property

How tax assessments can impact a housing market



Resources Mentioned In The Show...

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Show031: 5 Ways to Make Self Managing Your Rental Properties Easier

 

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