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Originally Posted by Woodsy
Tom...
You are not missing anything. The state has finally got around to assessing those properties with a view, taking into account how much the view adds to the value. Its not an extra or additional tax, the value of the view is just factored into the overall value of the property. Same as waterfront. Alot of people are just confused on the issue, thinking its a separate tax when its not.
Woodsy
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You're right, Woodsy, it's not a separate tax. But from what I've read, it is a separate component of the tax assessment process. As I understand it, the state requires that all real estate be assessed at its actual market value for property tax purposes ... in other words, the value at which the property would likely sell in an arms-length transaction. As TomC states, a property's "view" is already built into the price at which that property would be sold on the open market.
Recent articles I've read (see the one below) seem to indicate that some town assessors may be adjusting the assessed value of certain properties above their actual "market value", solely because they have a nice view. If that is what is occurring, then the "assessed value" of those properties would exceed their "market value". That's what folks seem to be complaining about.
November 1, 2005 "Fosters Online" Article