Politics and science, humor and hypocrisy. METANOODLE
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