I have been thinking of investing in maybe a rental or contract lease in the housing market. As I have looking around I thought that I may have found the right house. But after some research, it open my mind to the housing dilemma.
Here is a house that is appraised at $69,300 by the Star’s web site.
The list price by Fifth Third Bank is $21,800. But by researching the property tax, I soon change my mind. Channel 13 web site list the property tax at $1088.44 for the spring taxes alone. I don’t know if this includes any back taxes or not.
http://www.wthr.com/global/Category.asp?c=106040
Even with the new property tax cap of 2% on renters, the taxes on this home as stated value of $69,000 would be $1386 per year. I my estimate this house is not worth the asset value or even close to it. I would not asset it more then $50,000 if that. You can see a picture of this house at http://reo.53.com/display_listing/213/2027_Perkins_Avenue_Indianapolis_Indiana.html
So goes the housing dilemma with our property taxes hurting just as much as the tight and over extended credit problem that we face today.
Here is a house that is appraised at $69,300 by the Star’s web site.
The list price by Fifth Third Bank is $21,800. But by researching the property tax, I soon change my mind. Channel 13 web site list the property tax at $1088.44 for the spring taxes alone. I don’t know if this includes any back taxes or not.
http://www.wthr.com/global/Category.asp?c=106040
Even with the new property tax cap of 2% on renters, the taxes on this home as stated value of $69,000 would be $1386 per year. I my estimate this house is not worth the asset value or even close to it. I would not asset it more then $50,000 if that. You can see a picture of this house at http://reo.53.com/display_listing/213/2027_Perkins_Avenue_Indianapolis_Indiana.html
So goes the housing dilemma with our property taxes hurting just as much as the tight and over extended credit problem that we face today.
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