2445 Portland Ave. So. Minneapolis Asking Price: $132,905Assessed Tax Value: $505,500Property Taxes (2009): $8,216Last Sale: $480,000 (3/1/2007) This 5,200 FSF, Brick Four-plex came (back) on the market late Friday afternoon. A quick look at its selling history indicates that it’s been on and off the market, at ever lower prices, since July, 2005. What it...Read More
How Foreclosure Buyers Can Reduce Their Property Taxes Q: When is fair market value not “fair market value”?A: When it’s a foreclosure sale. Because of the process(es) described in “Sticky” Property Taxes, foreclosure buyers should not expect dramatic property tax relief any time soon after closing their purchase. Even worse, unless they’re careful to document...Read More
Q: How long does a property tax hangover last?A: Two years-plusOne of the sticking points, literally, for would-be Buyers of foreclosed properties is an unpleasant hangover from the erstwhile housing boom: bloated property taxes.In today’s, foreclosure-tinged market, it’s not unusual to see homes listed for 30% or less of their assessed tax value (no, that’s...Read More
