Some questions about property values and property taxes (Cincinnati, Hamilton: sales, houses)

[ram2]

Originally Posted by censusdata

City Data list property values and taxes paid per year. I don't want to post specif links since it list the property owners name, but you can google (street name) Cincinnati city data and find property value and taxes paid records.

I did that for Hadley Road in Greenhills and found a home that was worth $136,000 and paid $2,683 in taxes in 2009. That's a rate of 1.9% annually

My gf's parent's house in Valleydale is worth $73,460 and paid $1,663 in taxes in 2009. A rate of 2.2%

I found a house on Audubon Road in Park Hills KY (near Devou Park) that was worth $210,000 and only paid $2,098 in taxes in 2011. A rate of 0.9%

Ultimately this is why the Ohio side of Daytonati has a stagnant population while Northern KY is growing at a rate of 1.5% per year. Until Ohio stops putting the squeeze on Middle Class Families there will continue to be a flood of Ohioans moving to Kentucky.

That is why many from eastern Hamilton county moved to western Clermont county over the past 15 years - lower property taxes.

[jmecklenborg]

Anyone who moves further from Cincinnati, or goes through the hassle of moving to another state to save on property tax, is pennywise but pound foolish. One's transportation costs inevitably go up as one moves out further for lower property tax and "more house". There are also many scenarios, like distance from hospitals/fire/police, that might make a big difference in the case of a sudden health problem. Chronic health problems that require repeated visits to a specialist in the city also add to transportation costs.

There are currently historic tax credits available for properties in Cincinnati, especially the 3CDC redeveloped condos in Over-the-Rhine. The way it works is you get a 10-year abatement on the improved value of those condominiums. So if a building was a mere shell, will holes in the roof and no windows, and is valued at $25,000, you will pay property tax on $25,000 for ten years no matter how extravagantly the property is improved. For all of the 3CDC condos, owners will save at least $10,000, and many will save in the neighborhood of $200,000.

[Sarah Perry]

Originally Posted by jmecklenborg

Anyone who moves further from Cincinnati, or goes through the hassle of moving to another state to save on property tax, is pennywise but pound foolish. One's transportation costs inevitably go up as one moves out further for lower property tax and "more house". There are also many scenarios, like distance from hospitals/fire/police, that might make a big difference in the case of a sudden health problem. Chronic health problems that require repeated visits to a specialist in the city also add to transportation costs.

There are currently historic tax credits available for properties in Cincinnati, especially the 3CDC redeveloped condos in Over-the-Rhine. The way it works is you get a 10-year abatement on the improved value of those condominiums. So if a building was a mere shell, will holes in the roof and no windows, and is valued at $25,000, you will pay property tax on $25,000 for ten years no matter how extravagantly the property is improved. For all of the 3CDC condos, owners will save at least $10,000, and many will save in the neighborhood of $200,000.

You don't have to move far out into the country to take advantage of Kentucky's much lower property tax rates. And although the tax abatement (which also applies to new construction) is a good deal, you're talking about a TEMPORARY savings.

Those must be some pricy condos if the tax is $20,000 a year. We're talking, what, close to a million dollars?

[jmecklenborg]

Sorry, that is a typo. I meant two write that the savings over a 10-year period are usually between $10,000 and $20,000. This would be for a condo priced around $200,000, although like I said the actual sum of the abatement depends on the valuation of the property before it was rehabbed, so there are a lot of variables. Also, if you sell the condo before year 10, the abatement continues for the next owner.

Nobody's going to argue that living in Kentucky near the airport makes sense if you fly a lot for your job, or you work for a business located there. But living in rural Kentucky while working in Ohio makes no sense, although I know of several people who live south of I-275 in Kentucky yet work north of it in Butler or Warren counties.

[censusdata]

Also, when I looked up my gf's parents' house I noticed something about a stadium tax. I guess Hamilton County residents pay extra taxes to pay for the stadium even though most Bengal fans live outside the county??

[Matthew Hall]

Not a flood, a trickle. I know many professional class people in blue ash, montgomery or even hyde park who wouldn't be caught dead in NKY. The quality of schools being the biggest issue.

[Sarah Perry]

Originally Posted by jmecklenborg

Sorry, that is a typo. I meant two write that the savings over a 10-year period are usually between $10,000 and $20,000. This would be for a condo priced around $200,000, although like I said the actual sum of the abatement depends on the valuation of the property before it was rehabbed, so there are a lot of variables. Also, if you sell the condo before year 10, the abatement continues for the next owner.

Nobody's going to argue that living in Kentucky near the airport makes sense if you fly a lot for your job, or you work for a business located there. But living in rural Kentucky while working in Ohio makes no sense, although I know of several people who live south of I-275 in Kentucky yet work north of it in Butler or Warren counties.

Well, to get back on track, I think the thread was about property tax. I could move directly across the river from downtown Cincinnati into downtown Covington and permanently reduce my property tax by 25%. Nothing to do with rural areas, airport or anything else. Just a bridge.

[ram2]

Originally Posted by Matthew Hall

Not a flood, a trickle. I know many professional class people in blue ash, montgomery or even hyde park who wouldn't be caught dead in NKY. The quality of schools being the biggest issue.

The public schools in Hyde Park are not great.

[Sarah Perry]

Originally Posted by ram2

The public schools in Hyde Park are not great.

I doubt there are many school districts in Northern Kentucky that are worse overall than Cincinnati Public. That is, if you eliminate from comparison the magnet schools and a few well-performing neighborhood schools--of which Hyde Park apparently has one.

That said, of course, perception is pretty important. And there well may be people in Montgomery and Blue Ash who think once you cross the river everyone is barefoot and operating a moonshine still in the back yard. Which proves that neighborhood boundaries don't innoculate anyone against ignorance.

[Matthew Hall]

I don't "eliminate" anything. Rule #1 of life is that EVERYTHING counts. EVERYTHING.