The city’s political climate appears to have spurred a new property tax plan. The housing boom gave this city the perfect excuse to increase residential property valuations!
Currently housing market prices are slowly falling every week. Will residential property in the city depreciate if the housing market depreciates below the city’s higher valuations?
My relative’s previous home is currently on the market for about $10,000 less than the city’s new appraised value. Taxing this home for more than 100% of its value shows what is really going on.
