Timjoebillybob
Grandmaster
- Feb 27, 2009
- 9,419
- 149
Both those houses aren't in "normal" condition. They are virtually new with old bones. As in never lived in after complete gutting and remodel.first one assessed at $125k, selling for $187. I guarantee you that the house in 2020 was trashed.
Second one is assessed at 87k, selling at 189. You're literally making my point for me.
You find trashed homes that are worth pennies before people fix them and claim "look, see it didn't sell for assessed value!" It's like rolling your car and lighting it on fire and then complaining that you can't get KBB bluebook value when you sell it. That's not how it works. Assessed value is based off market price in the area, house size and lot size. Just because someone trashed it and refused to keep it up doesn't change the fact that in normal condition that house is worth more than assessed every day.
So property taxes should be based on potential value rather than actual value?