Property Manager talks Utica's tax increase
By: Chelsea Rarrick
Updated: March 23, 2012
Utica residents have had several days for the new city budget to sink in.
And Larry Stewart, a Property Manager and landlord says the Utica property taxes have risen 15 percent over the past four years, and most of the time those costs are passed on to the tenant.
Stewart has been in the real estate management business for over thirty years.
As far as the city's tax increases go, he says this is the worst he's ever seen.
"I don't think there's a landlord in the world that doesn't understand that we are in a precarious positions as citizens knowing that the well has run dry. There is no more money," said Stewart.
He says as a landlord, it's a decision making process when it comes to the tax increase.
"I could eat the loss, but what's my incentive to do business here? Subsidize my tenant's rental? For property owners, in the city of Utica, it's going to be a very disconcerting time. We're already spending more money at the gas pump... well get ready, because your rents are going up," he said.
He says with the nearly 10 percent tax some of his houses could be looking at around 100 dollars more a year.
But, he says there could be other opportunities for him, rather than notifying his tenants that a new lease means more rent money.
"I'm always going to be looking at the fact that there may be greener pastures, a better return on my investment then here," he said.
And Larry Stewart, a Property Manager and landlord says the Utica property taxes have risen 15 percent over the past four years, and most of the time those costs are passed on to the tenant.
Stewart has been in the real estate management business for over thirty years.
As far as the city's tax increases go, he says this is the worst he's ever seen.
"I don't think there's a landlord in the world that doesn't understand that we are in a precarious positions as citizens knowing that the well has run dry. There is no more money," said Stewart.
He says as a landlord, it's a decision making process when it comes to the tax increase.
"I could eat the loss, but what's my incentive to do business here? Subsidize my tenant's rental? For property owners, in the city of Utica, it's going to be a very disconcerting time. We're already spending more money at the gas pump... well get ready, because your rents are going up," he said.
He says with the nearly 10 percent tax some of his houses could be looking at around 100 dollars more a year.
But, he says there could be other opportunities for him, rather than notifying his tenants that a new lease means more rent money.
"I'm always going to be looking at the fact that there may be greener pastures, a better return on my investment then here," he said.
