Dec 14

The is a great, worth the time to read, article on landlord regulation over at BiggerPockets.

Dec 04

The question came up on the
Who are the elected reps we can write to about the MPS proposal?

I believe the only ones that actually decide on the policies is the MPS School Board and perhaps the Superintendent. However, they may be influenced by what other local officials think about an issue. Certainly Tom Barrett and the Council should be worried about things that may result in more austerity for Milwaukeans and less money for the city.

Superintendent Dr. Keith Posley He lists a Twitter account of @DrPosleyMPS The only phone number on his page is the main MPS Switchboard: (414) 475-8393

Sadly, only two of the Board members list a number other than the MPS Office of Board Governance and none a direct email.

MPS Office of Board Governance
Phone: 414-475-8284
Fax: 414-475-8071

District #1 — Marva Herndon

District #2 — Erika Siemsen

District #3 — Sequanna Taylor

District #4 — Annie Woodward (414) 342-1813

District #5 — Larry Miller (President) (414)469-9319

District #6 — Luis A. (Tony) Báez, Ph.D. (Vice President)

District #7 — Paula Phillips

District #8 — Megan O’Halloran

Member at Large — Bob Peterson

Dec 04

Over on the email discussion list Mike writes:

Fortunately the facts are not as laid out in the post.  The article makes this clear.   “Property taxes” would not go up 64-128% under the proposals being considered.  The MPS portion of the property tax bill would go up by those percentages, not the whole bill.  The increases are still substantial – I estimate 25-50% of the whole bill.  If we landlords want to be involved in the political process we must arm ourselves with facts to avoid embarrasing ourselves and damaging our cause. 

Mike is correct, the percent of increase is the school portion. The original Journal article, which I based my comments on, stated:

“For a home assessed at $300,000, that would push property tax bills from $2,874 to $4,716 on the low end and $6,723 on the high end — increases of 64% and 134% respectively.”

Milwaukee Journal article as it appeared on 11/19/19

The Journal article has since been rewritten to “school property tax”

This represents an annual tax increase of $921 to $1925 on an average Milwaukee home.

I stand by my original comments of the dire consequences this will cause to our market.

Dec 03

From Rebecca Knox at Brew City REI Club

********Brew City: If you are concerned about the MPS referendum suggesting a SIGNIFICANT PROPERTY TAX INCREASE 64-128% and want to relay your thoughts on this, the LAST MEETING with the task force will be at 5:30 p.m. at Bradley Tech High School, 700 S. 4th St, Dec. 10.

All of the meetings will be open to the public. The panel is expected to make a recommendation to the school board in December 🤨😲 This is the last meeting they are having.

We spoke to District 4 elected MPS board member, Annie Woodward and she said there are a lot of agendas going on and encourages everyone to share their opinions.

The current conversation across our industry is Evictions.

What will happen to tenants who are already near failing, when tax bills force widespread rent increases?

What will happen when rental owners, who are already operating on slim margins, cannot find tenants that can pay the increased rents that mirror the increased taxes.

What will happen to homeowners who are barely keeping up with expenses today?

If property taxes double, which is the mean predicted increase, Milwaukee, and Milwaukee alone, could easily see a foreclosure/failure rate comparable to 2008.

Owners in the rest of the metro will be unaffected, making rentals and homes there more valuable and desirable, furthering the exodus from, and the decline of, the City of Milwaukee.

The Journal reported just two weeks ago of the harm caused by 28% of City workers leaving the city for the burbs.

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