Mid west-population decline


#1

We are looking for some deal in mid west(Ohio and Wisconsin). My wife are worried about the population decline for these market and really worried. (She is spoiled by the population growth as normal in west coast).

I think Frank have a lot of parks in this market. How do I convince my wife 2-5% decline in population over 10 years is not that bad?

Thank you!


#2

Wisconsin is one of the most popular states for MHP buyers. Some of the more rural counties may have some population decline but most if not all of the metros are doing well economically.

If you want any market specific data in Wisconsin please reach out to me. I’ve been appraising in Wisconsin for 15+ years and have lived here my whole life.


#3

Wisconsin sucks. Stay away. It’s really bad. Please go buy in Phoenix.


#4

Would you mind sharing some of your experiences?


#5

I think he is making a joke :slight_smile: Ivan owns a park in Wisconsin therefore wants others to buy in Phoenix ( i.e. so Ivan is able to buy the WI parks :wink: )


#6

That was my take on it too.


#7

We can all use a joke!


#8

Hi, Erik,

Thank you again for answering my question. I do have a question regarding property tax in Wisconsin. Say I bought the park and the price I pay will likely be higher than what the current owner paid many years ago. Will the assessed property tax go up when I finish the transaction?

Thank you!


#9

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.theatlantic.com/business/archive/2017/10/midwestern-public-research-universities-funding/542889/&ved=0ahUKEwjMkOnw6rbXAhVojFQKHUoRAUwQFggmMAA&usg=AOvVaw1LGNNndFUoDCkWokD86Vxb

The article smacks of a promotional piece to raise taxes to increase university funding but it is interesting never the less. I do think certain states are in big trouble regarding their university system. Illinois comes to mind as do other states. Essentially states are silent parnters of business, they take a cut in the form of property tax, and other taxes and hopefully they keep the state finacially solvent and create an environment where job and economic growth takes place. However many times they are the problem.

https://www.google.com/url?sa=t&source=web&rct=j&url=https://www.forbes.com/sites/patrickgleason/2017/06/30/illinois-california-ignore-massively-unfunded-pensions-but-pennsylvania-michigan-take-action/amp/&ved=0ahUKEwi5oPbP67bXAhUmw1QKHS2YA8EQFgg9MAI&usg=AOvVaw0WfIN_5DDdNvw6xFw6gIgE&ampcf=1


#10

In my simple economic mind all these unfunded pension liabilities means my silent partner the government will have to increase property tax significantly to pay for their sins.

See graphic to see the worse 43 states

Im interested to hear what others have to say on this subject of pension liabilty verses economic growth


#11

Tough question. Assessments in Wisconsin are handled by each town, village, or city. There tends to be no consistency for assessments even for cities that are in the same county. I would plan for the worst case scenario from an expense standpoint, but there’s no guarantee taxes will go up.