The Taxes section gives you the historical context for property taxes, which is one of the largest line items in a multifamily NOI build-up.
What's on this card
- Assessed value history — typically 5–10 years of assessor history (land + improvement split where available).
- Most recent tax bill — gross, less exemptions, and net.
- Effective tax rate — tax bill divided by assessed value, normalized.
- Special assessments — bond debt, MUD/PID levies, school overrides, where present.
- Mill rate / millage — the underlying tax rate for the jurisdiction.
- Reassessment cadence — how often this jurisdiction re-assesses.
Where the data comes from
Tax data comes primarily from a normalized institutional property graph that aggregates assessor and treasurer records across most U.S. counties. This normalization is critical because every state assesses differently. For jurisdictions where the property graph is thin, Relm falls back to direct county records (assessor or treasurer websites). Those carry a separate citation chip so you can tell which source produced a given number.
See Where your data comes from and Citations & source traceability for more.
How taxes flow into the pro-forma
The Financial section uses two pieces from Taxes:
- The most recent tax bill as the year-1 tax line item.
- The reassessment cadence to model future year tax growth (a property that re-assesses on sale will jump in the year after acquisition; one with a fixed cap won't).
If the property is in a jurisdiction with a known sale-triggered reassessment (like Texas), Relm's default model assumes the post-sale assessment is roughly the purchase price. You can override this in the pro-forma's tax assumption.
Editing
- Override the year-1 tax line. If you have a more recent bill than the data source has, edit it directly.
- Add a special assessment. PIDs and MUDs are common in newer Sun Belt deals; manually add them so the pro-forma reflects the real bill.
- Mark a tax appeal pending. There's a flag for this; the appeal note shows up in the AI summary.
Common pitfalls
- The OM understates taxes for newly-constructed properties. New construction starts with a partial-year tax bill that ramps as the building completes. Don't mistake the partial bill for the stabilized number.
- Texas, Florida, and California all behave differently on reassessment. If you're crossing state lines for the first time, double-check the assumption Relm picks before signing off.
- Personal property tax (PPT) is separate from real estate tax in some jurisdictions and can be a meaningful line for amenity-rich properties. Check the Taxes citations for "PPT" entries.