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Old 04-18-2017, 09:32 AM   #1
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Join Date: Nov 2014
Location: Allston
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City Undervaluing Property

In many cities, people complain about the city assessing property values too high. In Boston, I've found the city often assesses residential properties ~10% lower than their market value, which is understandable because it reduces complaints and doesn't really affect anything due to prop 2 1/2 governing total tax intake.

Earlier today, I looked up Vertex's properties and they are undervalued by more like 50%. The two buildings [sold for $1.1 billion in 2014]( They are currently assessed at ~$570 million instead. Construction costs were supposedly $800MM, so this seems absurd. That is hugely undervaluing the property, shifting the tax burden onto other payers.
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