Originally posted by
yaksplat:
That means that they're off by roughly 11%, but that's still 16% less than what my house would sell for.
Don't look at it as lost income. The assessment and the tax rate have nothing to do with each other. The town should come up with a budget and divide it among the properties in the town. If every property was worth 50% more than they are now, the amount of taxes should not change on a property, but the tax rate per 1000 of assessed value should drop at an equal rate.