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Originally Posted by JoesTraffic
Fair market value. This is happening here too in Dallas for the new stadium for the Dallas Cowboys.
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thats bull. most of the time cities go by assessments made by county assessors. depending on your area, this might be done only once every 15 years which means if your house is currently valued at 400k with the recent real estate boom you might only get 200k because your property is on record as being worth this amount. of course you can fight it but that would require $800-1000 for a private appraisal plus lawyer fees which arent an option for many. the city fucks you out of money then gives you a "discounted" property tax on a new property you buy.