Quote:
Originally Posted by GGG
I wouldn’t say it’s artificial. To me that implies that some sort of intent.
If you rephrased it to With the assessment process being as broad and automated as it is some properties end up overvalued to what they would sell for? Absolutely.
I think the mistake people make is assuming it will correct itself. Your relative value within your class of house in your neighborhood does not appear to change based on what I can tell.
The attach garage homes in my neighborhood on the few I track all went up the same amount
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My previous assessment value was above what houses were selling for. Over the year it seemed prices had stabilized. This year we’re up just shy of $100,000. Seems artificial to me. My neighbors houses were assessed similarly.