Quote:
Originally Posted by kjkam
The idea that the valuation is equal to fair market value is always a farce, in almost every case the "fair market value" used to determine taxes is a fraction of actual value. Example Channel (Winni marine) "fair market value" $1.423M for tax purposes, actually sold for $3.4M. So actual value was 2.4 times the assesed "fair market value" By that math a water front home assessed at $775K should sell in today's market for $1.8M. Reality is that home sold for $900k this year, so the actual multiplier from actual value to assessed value is 1.16x of the assessed value. Looking at residential property non water front the actual values are running in the 1.4-1.5 times the assessed value.
Everyone has to pay taxes, and taxing on assessed value may be fair, but what this shows is that assessments of residential waterfront property are set much closer to the actual value than on non water front or commercial property. The math does not lie, leave that to the politicians.
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I don't believe this would be an accurate comparison. The $3.4M is the purchase of the "real estate" and the "business." The business isn't assessed for property tax purposes. Just the real estate. So the actual purchase price of the property would be less than the $3.4M. I don't know what that is.