General Discussion
In reply to the discussion: The Rent is to damn high. [View all]haele
(12,647 posts)I know someone with a 2 be/1ba 1930' bungalow on a double city lot who decided to sell the "second backyard/victory garden" plot, reducing his 2/3 acre lot to 1/3 acre lot so he could have capital to make improvements. Since he bought as is on an estate auction back in 2000, he is actually reducing his property tax by losing half his property when he reassess after the sale, but before he starts the improvements (adding solar, expanding the garage, adding a second bath and third bedroom).
His property taxes dropped by half because he didn't make improvements, someone else gets land with the alley side entrance to plop a manufactured house on, and he has six months to work off the capital gains from the sale of the land fixing up his house.
Of course, he had to time everything so he didn't take an income tax hit, but he made out pretty well for a shipyard welder with a growing family.
The person who buys his house will have to pay the property tax increase.
Haele