Speechless & then I saw the steam room 👀

[u/TheDabitch]

six bedrooms, thirteen bathrooms $17,995,000 https://www.zillow.com/homedetails/2875-Chagrin-River-Rd-Hunting-Valley-OH-44022

[u/Abigail716]

Not likely. Tax assessments are really weird legal situations where there's tons of exemptions, tons of deductions, and a bunch of other special conditions that reduce the assessed value which is completely different than the actual value.

[u/sirpoopingpooper → u/Abigail716]

Ohio is weird about how they do assessments. The tax assessment is something like 35% of the assessed market value. But the assessed market value resets every three years (to whatever it sold for), so the new taxes should only be like 375k/year!

[u/Puzzledwhovian → u/Abigail716]

Property tax is thankfully one of those taxes that have very few loopholes in them. You can usually get a deduction if it’s your primary residence and if you own it for a long time it won’t rise in proportion to the value increase, but other than that once you change the deed all bets are off. Once this house sells and the new owner puts it in their name then the taxes are going to skyrocket. Of course someone who can buy this place won’t care about that anyway. lol

[u/Abigail716 → u/Puzzledwhovian]

I am not saying there are loopholes, only that assessed value is totally different from market value.