Friday, 29 July 2011

Municipal taxes based on obsolete property values? Prime Cleveland building sold for 1/6th of assessment.

The Cleveland KeyBank Center sold for $7.15 million but is assessed at $44 million. Sale price of this upscale property is about $15/sq foot.  That's less than one year's rental income.  Municipalities can't predict tax income if the assessments are way out of line.
Mish's Global Economic Trend Analysis

Keybank Center

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