3 ms·
> Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a
by jwestbury 3y ago
> Many people that live in locations with property tax would very happily sell their property at the "assessed" value rather than sell on the open market for a fraction of that price.
Citation needed. Assessed values are generally lower than market value. Furthermore, there's a growing set of data which suggests that, in many places, lower-value houses are assessed at a higher percentage of their market value than higher-value houses[0] -- that is, assessments are regressive.
0. https://www.youtube.com/watch?v=8MjjHKIlKko https://www.youtube.com/watch?v=8MjjHKIlKko
- blitzar 3y agohttps://www.vlct.org/article/vermont-supreme-court-reaffirms-rule-sale-price-not-necessarily-conclusive-determining https://www.vlct.org/article/vermont-supreme-court-reaffirms... Vermont Supreme Court Reaffirms Rule that Sale Price Is Not Necessarily Conclusive in Determining Property’s Fair Market Value The appellant, Gabriel Martinez, purchased a single-family dwelling built in 2000 for $350,000 on May 5, 2017. The previous owner had purchased it for $252,000 five months earlier when its assessed value was $433,000. A 2017 town-wide reappraisal – which took place while the appellant’s purchase was pending – set the property’s grand list value at $483,400.