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January 07, 2008 |
| Whoa Nellie! The tax man treads lightly at the Franklin Park Condos |
| The first snow of the New Year made Franklin Park so refreshing for a walk. Jennifer and I were enjoying our power walk (with boots) through this winter wonderland ... snow was falling, and as we came over the rise we heard sounds of laughter – children were out sledding in the park. Young kids with their parents, teens with each other, and all were spinning and slipping down the hill on their toboggans. We don’t get much snow in Central Ohio, but when we do the kids are quick to hit the slope at the park. But enough about winter fun: if the first snowfall of the New Year brings joy to frosty nosed kids, then the first week of the New Year brings pain to home-owning adults. Property tax bills started arriving courtesy of my friend Franklin County Auditor Joe Testa, and the groans were almost audible through the streets. Do you know the Near East Side has some of the fastest appreciating property values in Central Ohio? Great for additional home equity, but you hate to pay the tax man. Not to worry, though. Owners at Franklin Park Condominiums will receive a 100%, 15-year property tax abatement on their units. And guess what – I just paid property taxes for the land the condos will sit on: a grand total of $2,095. Yep, that’s the tax bill due for the entire two-acre site. So the average owner of a unit at Franklin Park Condominiums who receives the tax abatement would have an annual tax bill of … hmmm … let’s see … about $40.29. Whoa Nellie! Now if you bought a $190,000 property somewhere else that didn’t have our tax abatement, according to the Franklin County Auditor your annual tax bill would be $2,929 – a difference of $2,888. Over 15 years that adds up to over $43,000 in property tax savings for the owner of a Franklin Park Condominiums unit. Put that money in the bank, use it to travel around the world, add to your retirement saving, go on a shopping spree to New York every year – do what you want with the $240 per month you will save each month for 15 years. Can you say “Ka-ching!”? At Franklin Park Condominiums, you have the opportunity to buy fairly early in the area’s real estate price appreciation cycle. Look around at the other great city parks – Goodale Park, Schiller Park, Whetstone Park of Roses – do you know what homes in those areas sell for? (A heck of a lot more than homes around Franklin Park – although there is one home listed for over $800,000 right on the park.) Many of the people who bought early around those other great parks say that they couldn’t afford to live there if they had to buy at the current market prices. Homes around great parks gain value and hold value. On top of that, the Franklin Park Conservatory, led by Central Ohio's most well-connected families, is well into construction for their $20 million park and facilities improvement plan. As if that’s not enough, Franklin Park Condominiums is selling the first select units at low pre-construction pricing (around 10% off) – instant additional equity when the next buyers will be paying full price. What do you call it when you buy real estate early and at a discount in a great location experiencing substantial investment with high rates of appreciation and absurdly low taxes? I call it prudent. I call it savvy. I call it smart. Show your smarts by getting in early. Don’t sit on your hands and miss the upside of investing early in the Franklin Park lifestyle. It’s a great neighborhood, and a great investment. I look forward to calling you “neighbor.” -- Jon |
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POSTED BY Jon Beard AT 07:08 AM |
