“Killed it.”
That’s what I texted Kaitlin as I entered the elevator to leave the 12th floor of 2 Woodward Ave. in Detroit at 10:27am this morning.
My Board of Review hearing for my property tax assessment appeals went fantastic. We purchase nine properties in 2019 and I appealed the taxes on eight of them. The hike on the ninth wasn’t bad at all, and I really wasn’t sure how to approach the appeal because we didn’t need to do much to the house.
At some point (hopefully soon), I plan to write a detailed post about my experience. But the end result was an average tax assessment reduction of 46% across all eight rental properties.
As the note above details, that will save us nearly $6,000 this year alone. But the savings is far greater than that because our property taxes are now capped at the rate of inflation (usually ~2% per year) up to a maximum annual increase of 5%.
So we’ll be saving that $6,000 plus the delta had we not had the reduction each year. That’s pretty amazing.
I needed this win pretty bad. I was feeling pretty down yesterday and this brought my spirits up quite a bit. My plate is suddenly feeling a lot more manageable.
Funny how that works.