I put up a post asking how condos would be taxed in response to the task force request to tax 4 unit buildings commercially. JeepCJ85 explained how they would be taxed rsidentially even if the building had 4 or more units.
JeepCJ85 here is my next question. If I have a 4 unit building and then file paperwork and turn them into 4 condos, I would only pay the residential tax rate. If the City of Worcester were to tax 4 plus units commercially , do you realize that every apartment building in the City of Worcester with 4 or more units would turn into condos?
WRRB/Telegram District City Council Forum 10/18
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This forum is for all district council candidates; all candidates are here
today. Format: 14 total questions, 4 questions across districts (for all
candida...
6 months ago
8 comments:
Bill, I suspect a four unit building assessed at $300,000 would assess at $150,000 each, or $600,000 total as four condos.
Steve
The condo market is the weakest segment of the real estate market. While multi families have bottomed out, condos are dead in the water in Main South.
Most likely the values would stay right around the same. Sorry Steve but you have absolutely no idea what you are talking about.
Bill
You working in the assessor's office now? Congratulation on the new position.
Bill,
I agree that the condo market is dead right now. However has anyone ever looked at some of the assessments of properties in the city? I have been looking at them and there is no rhyme or reason for some of the valuations even within the same neighborhoods. This includes condos and single family units. How they arrive at these valuations is beyond me.
So you may disagree with Steve but the assessors may very well agree with him.
I have found plenty of references to increased values due to condo conversions, like this one, but I must be misreading all of these articles, as I clearly don't know what I'm talking about.
steve
If i have a four unit buiding that I am renting and it is assessed at 150,000
I file paperwork turning them into 4 condos renting to the same people at the same price--the assessed value will be 150,000.
You don't have to work for the assessor's office to know that
bill
Bill, if you want to go ahead and try it, all the power to you. Let us know how it works out for you.
I don't think the city will stand by and not seize an opportunity to raise your taxes. If you're going to spend all that money on the plans and documents for a condo conversion, I seriously doubt the assessor will simply divide the previous value by four.
But what do I know?
Steve:
A condo in a four family in the heart of Main South would not assess more then 40,000 and then that would be a push. If the assessor want to revalue. I would be fine with that.
My point was that if you have a 4 family and it is deemed commercial , overnight your taxes would double. It would be worth the $2,500 to get the condo docs and have them recorded to keep the residential tax rate.
Dont know how you thing the value of a three decker in this market will double if I was to turn them into condos? If that was in fact the case everyone would be buying the multi families, making condos and selling them.
Bill
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