Quote:
Originally Posted by BillTex
Assessments are based on comparable previous sales. Thank God they are not based on “market value”.
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Exactly. When we go to sell, we don't sell for the assessed value. At my primary residence my taxes had a huge increase - because my assessment went up. Houses around me sold for many millions of dollars.
Same thing is happening on the island - properties regularly sell into the 7 figures which drives up assessments. Both my hometown and Meredith could choose to spend less money but they don't.