Note how the tax bill makes up nearly 10% of the rental income against my 38% of forecasted expenses.
It is not uncommon for the bill to run anywhere from 8% to 12% depending on the area and assessed value.
As for the outstanding taxes due, it depends on the annual timing of the bill. Given its a 2024 tax bill, doesn't create any alarms.
Given they handled the sale inside the LLC, the assessor "might" not catch how far they are below the current market.
However, should the recent sale catch the attention of the assessor, this 10% will jump big time.
That being said, there is no WAY this property is worth anywhere near the claimed $37M. I'll give it the benefit of the doubt and say it's worth more than the $19M and is likely closer to the $24M.
We recently had a project where the appraiser placed the land at $2.5M, when it went to market, it only sold for $500,000. An appraisal is nothing more than an opinion of value.
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