Lake of the Isles Classic
Original character? Check.
Terrific location? Check.
Great curb appeal, condition, updates, and well-priced at $1.295 million (below the tax assessed value)? You betcha.
So, what’s the . . . uhh, hold-up?
A whopping $26,329 annual property tax bill!
If the City of Minneapolis was trying to dissuade upper bracket Buyers from living in the city, it could hardly have a devised a more effective strategy.
See also, “Minneapolis Property Tax Sticker Shock“; “Minneapolis’ Property Tax Millstone“; “Putting the Brakes on Property Taxes“; and “Never Mind the Mortgage — Can the Buyer Afford the Property Taxes??”
*“PITI” stands for “Principal, Interest, Taxes & Insurance — the monthly costs that go into owning a home.
Except that in the case of upper bracket Minneapolis homes, it really should be called PITI.