One of the potential winners in this story: the city, assessments are informed by market value (including prior recorded sale prices) leading to higher assessments and thus additional tax revenues. Paying taxes on $20m assessment vs $16m assessment is a big difference, now apply that over a large number of inflated lux properties. City benefits from lack of transparency.
One of the potential winners in this story: the city, assessments are informed by market value (including prior recorded sale prices) leading to higher assessments and thus additional tax revenues. Paying taxes on $20m assessment vs $16m assessment is a big difference, now apply that over a large number of inflated lux properties. City benefits from lack of transparency.
You are right Jack, and property tax increases will compound from a higher level. The developers also pay inflated property transfer tax.