Ballard's Chai House closing up shop and going on "hiatus" is old news. As a past patron myself, a tear comes to my eye when I think of all the hippies and passionate poets and musicians who are now sent packing for another place to hang out. As a poet and musician myself, I will miss Mr. Spots scratching post.
While many bloggers are crying out why? I want to take this opportunity to show you a valuable resource for answering all property related questions.
Such as, consider the parcel of land upon which Mr. Spots built The Chai House. If you want to know why the landlord doubled the rent, check out this website. Enter the address of Chai House: 5463 Leary Ave
You will see in 2009, IRS appraised the land value at $376,200. Coming into 2010, the IRS raised the appraised value to $486,800.
Conclusion: the landlord raised Mr. Spot's rent because the cost of owning the land increased. In other words, property taxes went up.
There are many reasons why the IRS might appraise land at a higher value than the year before. Some reasons may include a fluctuating housing market and I discuss them in this blog article. But what circumstances might cause a jump in $100 is curious to me. Is this a real estate trend happening in many neighborhoods or just Ballard?