tag:blogger.com,1999:blog-6796029456208178476.post4469259365808720730..comments2023-08-20T02:23:33.962-07:00Comments on Shaker Heights <strike>Restoration</strike>: The one that got awayChristopher Busta-Peckhttp://www.blogger.com/profile/15428701548572867797noreply@blogger.comBlogger2125tag:blogger.com,1999:blog-6796029456208178476.post-19274188481583855272009-02-17T16:37:00.000-08:002009-02-17T16:37:00.000-08:00Laurel, around here, property taxes are based upon...Laurel, around here, property taxes are based upon the assessed value of the property, which is based on neighborhood comparables. In a normal housing market, the sale price of houses would tend to be about 25% above assessed value. <BR/><BR/>The house is assessed at somewhere around a quarter million. This is the problem with the foreclosures around here - while an owner can appeal the valuation, based on neighborhood comparables, there is a limited time each year that one can do this (between January and March) and no guarantee that the outcome will be the desired one. <BR/><BR/>That was the problem with a lot of the foreclosures that we looked at - while we afford the purchase price, we couldn't afford the property taxes. <BR/><BR/>Of course, Shaker Heights, where I live, has the highest effective property tax rate in the area - 3.05% of the actual value of the property. It's the cost of one of the best school systems in the area in a city without any industry. It's worth it, I think, but it does keep the property prices lower than they would be otherwise.Christopher Busta-Peckhttps://www.blogger.com/profile/15428701548572867797noreply@blogger.comtag:blogger.com,1999:blog-6796029456208178476.post-42495621925274789472009-02-17T08:03:00.000-08:002009-02-17T08:03:00.000-08:00Seems like it could be an interesting project. It...Seems like it could be an interesting project. It it just me, or are those taxes really high given the asking price of the house? I complain about my taxes all the time but $8,570.00 on a house in the $50k range seems steep.Anonymousnoreply@blogger.com