>How does the Village justify a tax assessment that is around 20% inflated?
They are not in any hurry to roll back the valuations they assigned at the peak of the bubble.
The below is public info so I’ll leave it up to the Mod as to whether it posts:
119 Oak is for sale for $850k. Its tax assessment (according to Zillow) is closer to $1M, which is about what that house would have sold for at the height of the bubble. A couple years ago, 2007 I think, the taxes jumped from $11k and change, to over $17k (it’s possible a lot of this was precipitated by a renovation but I don’t own the house so I don’t know)!
It is a beautiful house, but I doubt it will sell for $850k. $750-$800k maybe. How does the Village justify a tax assessment that is around 20% inflated?
I bought a house last year for about 20% less than the tax assessment value. The appeal is in process. Trust me, their feet are deep in the sand. As I said, they are in no hurry. They have to pay for their castle on Maple somehow…
