Property Value Increase?

30 12 2008

We received our assessed value papers in the mail yesterday. It went up. Not just a little, a lot. We own 5 lots, 3 of which, the city told us were non-buildable, due to their proximity to the wetlands.
Here are the numbers:
Lot———Previous Value—–Current Value——-Increase
House: —– 115,200 ———- 116,800 ———— 1,600 (1.4%)
Vacant 1:15,500 ————24,000 ————- 8,500 (54.8%)
Vacant 2:2,900 ————- 22,800 ————- 19,900 (686.2%)
Vacant 3:1,400 ————- 2,000 ————– 600 (42.9%)
Vacant 4:700 ————— 700 —————- 0 (0%)
Total: —— 135,700 ———- 166,300 ———— 30,600 (22.5%)

Vacant lot 1 is right next door to my house. At 25 ft wide, a house could not be built on it unless Vacant lot 2 is combined with it. Any house built would be too close to the wetlands and would flood during a nor’easter, let alone a hurricane. Vacant Lot 3 has a city-dug drainage ditch right in the middle of it and has become wetlands. The next lot over, which holds my neighbors house, is listed online as vacant, but highly valued. His garage can flood at high tide. This is absolutely ridiculous.

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