[quote=bearishgurl][quote=CA renter][quote=bearishgurl][quote=CA renter]…I know an owner of an older, mid-sized apartment complex in LA, and their property taxes are less than $12,000/year![/quote]
Do you know how many units are in this complex and their approximate composition (ie 40-1br, 30-2 br and 16 3-br units)?
This would shed some light on the per-unit breakdown of that $12K tax bill.
Thx.[/quote]
BG,
It’s a ~24-unit building in a busy, expensive area near LA. Just checked, and their current tax bill is for ~$14,000, so it’s a bit higher than what I last heard, but still…
Not sure of the exact unit setup, but there are at least a few 3/2s, with probably half (or more) being 2/2s. The rest are 1/1s, and I’m not even sure if they have any studios. The property is probably worth a few million (~$3 million, probably more).[/quote]
If this building in a “busy, expensive area near LA” was purchased today at just $3M, its first full tax bill would be just over $35K. That is $21K more than they’re currently paying.
And not to be too facetious-sounding, but pray tell, are these owners the ones who bought it before April 1978 or are they “heirs?” Do they have any outstanding mortgages against it?
And what is the gross annual rental income of this building, if you know ….
Just curious ;=][/quote]
The fair market value of this property is at least that much. They are the second owners of the building, and bought it in the early 70s.
Not sure about the gross annual rents but a total guess would be around $390K on the low side. They don’t do much to improve or maintain it, so expenses are low, and they own it outright.
