5 ms·
Off the top of my head: value is tied to appraisal which happens during a sale. Land values wouldn't change to reflect local demand and this could depress tax
by gopher_space 3y ago
Off the top of my head: value is tied to appraisal which happens during a sale. Land values wouldn't change to reflect local demand and this could depress tax revenue. You'd probably be able to get away with some foolishness regarding the building condition.
- lotsofpulp 3y agoThis is only true for very few markets that have ridiculous subsidies for land owners via laws that limit property tax, such as California. Most other places re-assess all property values on an ongoing basis and charge you accordingly.
- mixdup 3y ago>Most other places re-assess all property values on an ongoing basis and charge you accordingly Those reassessments are based on market activity over the preceding year. Property changing hands without actually being a real estate transaction does not generate market data for the assessors to use