The “good stuff” around me situated on 1/2 AC+ lots is being hung onto by their longtime owners who are currently assessed at 1/6 to 1/10 of today’s market value. And I can’t blame them.
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Did they buy? Are they hanging because it’s a pice of property you can’t new anymore or they holding on simply because of the tax? I suspect the former and not the later.
If it wasn’t transferred to them, what’s your argument? That they should get a $10,000 tax bill and force them out of the house?
That it isn’t fair for the people that bought 30 years ago and paid local taxes and supported the economy in the area for those 30 years have an unfir advantage compare to the person coming in today wanting to buy what they’ve built?[/quote]
NSR, there are a few dozen large parcels around me (1/2 to 4 AC) which are essentially in the center of town but were never subdivided because the longtime owners refused to sell. I’m actually okay with the longtime original owner having an assessment equal to 18-22% of current market value and paying his/her tax bill accordingly. I’m also okay with those owners of homes under current Mills Act contracts who are assessed at 18-25% of market value. I’m okay with both of these types of owners as long as they themselves occupy the property. What I’m NOT okay with is the owner of the first type of property being able to transfer said property to his/her 55 year-old-son (or 32 year old grandson if the son is deceased) with his/her ultra-low assessment intact! And on and on through the descendants of this family. (Unexpired Mills Act contracts on real property are automatically transferred to a new arms-length owner by operation of law.)
