Okay, let’s say it’s a change of ownership record and look at it from another angle.
This home was built in 1988…meaning IT DID NOT EXIST before that. The property was bought at the very end of the peak of RE market (i.e. 1988) at 158K (I checked the title for this house). Since the RE market started declining in a big way between 1990 through 1997 we can assume at the very best that this property was worth less than 158K in 1997? Agreed? Now, between 1998 and 2000, a 2 yr period appreciation was about 10-15% so we’re looking at about 175K or so.
so I don’t know where the 98k figure came from (I thought undervaluing the house for tax evasion constitues fraud!!!) but it’s still 365% appreciation for 5 years.
