100k Detroit homeowners illegally taxed $600M still waiting to be compensated

Re:100k Detroit homeowners illegally taxed $600M still waiti... by antisthenes on Sunday April 17, 2022 @02:58PM (#31063284)

> You’ll find that in nearly every US jurisdiction assessed value is a percentage of market value, often a very small one.

That's definitely not the case in my municipality (North-East USA).

Tax assessments are as close to market value as you can get, considering that they are only being appraised every 5 years (I think, it may be 3 years). So there's obviously some lag if the market booms or busts. But overall it's pretty damn close to market prices and averages out over the long term.

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Re:100k Detroit homeowners illegally taxed $600M still waiti... by np_tedious on Wednesday April 27, 2022 @06:09PM (#31186449)

I am also in the northeast and my assessed value is under 1% of actual market value. https://www.tax.ny.gov/research/property/equal/rar/index.htm

There are also many firms to dispute your assessment and lower your property tax bill. They do aggressive mass mailing and are able to claim very specific reductions. They then take a percentage (usually half) of first year savings.

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