Feel like you are being priced off the island?

[mgeary]

quote:

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Originally posted by dirk1609

1. Property taxes this year went through the roof. Our 700 sf house in Ocean View went from $44,800 in 2006 to $57,900 in 2007 to $96,800 in 2008. All this increase even though our home was purchased for $204,000 in 2006...

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Just for clarification, dirk, you paid $204,000 for a piece of property on which you're paying taxes based on an appraised value of $96,800? I'm not sure I see the problem here...

If you bought the property for $204,000, then appraised value went up to $250,000 while the market value fell to maybe $170,000, then I could see a problem.

What am I missing? Not throwing stones, just want to understand the property tax issue.

Aloha! ;-)