Assessments are unrealistic and unfair

Published 8:15 pm Thursday, June 14, 2012

To the editor:

We recently appealed our assessment for a lot we bought in November 2011 in Quaker Neck.

In 2011, eight lots sold for $65,000 to $80,000 each, and one waterfront lot sold for $197,500. In 2012, two waterfront lots sold, for $80,000 and $120,000. Current non-waterfront listings are around $80,000.

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Despite these actual sales figures, the city chose to raise the assessed value of our property. Our assessment went from $186,800 to $187,600.
The assessor’s web site defines the market price as the price most people would pay for a property in its present condition.

The market price for these lots, as supported by last year’s sales, current years’ sales, and current real estate listings, is around $80,000. However, the assessor has deemed all these sales as “unqualified sales,” citing foreclosures and builder liquidations, although these are the only sales that are occurring in the current market.

It becomes increasingly clear how our city leaders are financing their 21-percent raises during the next three years. I wonder if one of these leaders wants to buy our lot for $187,600?

We’ll sell it right now.

Karen Holland

Suffolk