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Lake effect on real estate

June 18, 2013 - John D'Agostino
When you have 10 people attend a municipal board meeting, that is a lot.

When you get 80, you're talking a real issue. In the town of Portland, the equalization rate has stirred a number of property owners and led to a standing-room only crowd at the meeting last week. Currently, the Portland equalization rate is 54 percent, a reduction from 62 percent last year. A big portion of the rate change has to do with the lake property in the town.

How equalization affects the homeowner is in the taxes being paid.

At 62 percent equalization, a home assessed at $110,000 in the town, has a value of $177,420. At 54 percent equalization, that $110,000 assessed home is valued at $203,704.

A chart done by Bill Ploetz, who attended last week’s meeting, is included with this blog. The acronym CAMA stands for computer-assisted mass appraisal.

It shows a strange reality — as home values went down in the nation, up they went in Portland.

 
 

Article Comments

(1)

PhilJulian

Jun-18-13 6:12 PM

The system of real estate taxes is fundamentally unfair because the value of a person's property does not accurately reflect his or her ability to pay taxes. A young couple might have a $200,000 home but they might also have a $175,000 mortgage. They are not wealthy - they are in debt up to their teeth. A retired couple might have a valuable home but their income in retirement might be only half of what they received when working. Again, their home value does not accurately reflect their ability to support government. A person who is unemployed is in danger of losing his home. The system should be scrapped in favor of income or sales taxes.

 
 

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Blog Photos

Here is the graph comparing Portland with the United States and the Cleveland area.