Downtown tax abatements: Which places?


OK, I know that some new housing downtown has a twelve-year Lucas County property tax abatement which means that you end up only paying a nominal amount of property taxes each year. My friend only pays around $300 a year instead of the $1600-2000 he could be paying, so one could end up saving a decent amount of money. I know the Bartley Lofts has this, anyone know any other downtown development with this tax abatement?

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...but there's a housing development here in the Point ( in the neighborhood opposite the new Krogers on Suder) that is advertising no property taxes for several years...

And I don't recall where Dr. Eugene Sanders was living, but my recollection is that his condo building also had tax abatements...

Riverwest Townhomes at 145 S. St. Clair accross the street from the police stables offers 15 year transferable abatements. Annual property tax is about $250 a year to cover common space (Mail boxes, road, etc.)
More importantly, some of the local banks give favorable consideration to mortgages in this area. I was able to get a no money down, no PMI, and a prime customer rate from Huntington.

River West Townhomes is certainly one of the downtown locations, and have become very popular.

For single family housing with tax abatements you should also check out Suder Cover - on Suder between Shoreland and Alexis, and the development going on over on Lisa Lane - off Ottawa River Road. All these homes are priced reasonably, are new construction and have 15 year tax abatements.

My best friend was one of the first to buy at River West Homes. Yes, he does get the 15 year abatement. careful...He recently had his property appraised and it has dropped from the 210K he paid...all the way down to the 180's. Pick your poison I guess.

The good news is that my property taxes dropped. The bad news is that I am upside down in my house.

If you're here to tell me it's my fault - you're right. I meant to do it. It was alot of fun. That's why I have this happy smile on my face.

we are in a depressed market at the moment. And it hurts. Big time.

BUT - if you can ride it out (I know - not a popular sentiment) the market will stabilize and property values will begin to increase again. The good thing about the Toledo area is that it does not do the "boom then bust" scenario that many other places did. Property values in Toledo have historically increased at an average of 4% per year. The overall economy of Ohio, and Toledo, is hurting all of us now though.

Unless you're "maxed out" from a credit perspective, this dip in property values has no meaning. Even if you want to sell your house today, the home you'll be buying will be experiencing the same depression in price, so you can fold any negative equity from your existing mortgage into your new one, and in a couple years, the value of that home will increase and eat up this "paper loss" that you carried for a year/couple years/whatever.

And if you're a first time buyer, this is a chance for a real coup.

It only hurts bad if you're a homeowner that has to downsize to a rental for whatever reason.

I watched a friend's house go from $151K to $142K in the space of a month. I don't even want to know what people paid for their homes in the period of 2002-2006.

The good news, however, is that the lying turd David Lereah (so-called Chief Economist of the National Association of Realtors) is leaving his position and the NAR itself. Considering his inability to tell the truth in his position as Chief Propagandist, that's a good move on his part. (Ironically, he's going to a company called Move Inc.) We could well do without his monthly lies about 'the market has bottomed'. The national housing market won't bottom until the year 2011. We still have significant numbers of Alt-A and Prime borrowers to foreclose on next, and banks are still doing whatever they can to make toxic loans.

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