The Lodi politicians are quoting George Reggo
and saying that Lodi’s true valuation is now at 98% (Lodi hasn't had a new town wide reassessment or revaluation in the last 9 years). This would make Lodi an anomaly in Bergen County. I am sure this claim will come as a surprise
to all of the residents of Lodi that have been unable to sell their houses anywhere
near their assessed values. This should
come as a surprise to everyone in the real estate market and banking industry.
I guess anyone can make any claim they like when they "don't keep records".
I guess anyone can make any claim they like when they "don't keep records".
True valuation should be based on the ratio of sale prices
to assessments collected during a one year period.
· Foreclosures,
short sales, and transfers among family are removed from the sample, making the
sample that much smaller. Lodi has seen
a decline in income and this has been a tough economic period. Therefore, these removed transactions are going to be significant in
number.
· The
ratio of this small sample can
be thrown off when the sale takes place of a home that already had reductions. For instance, say a politician in Lodi or
town employee had one or two “in-house” reductions. They could be under assessed at that
point. Then they sell their home for
maybe $100,000 over their new assessed value.
That sale can really help George Reggo push up that valuation percentage.
Once again, here is a chart I posted a few months
ago. George Reggo has every opportunity
to appear at a council meeting to explain how this chart fits in his 98%
baloney.
And to conclude with the age old question: if Lodi has had such great true
valuation in the last few years, how can Reggo justify lowering the assessments
“in house” for the politically connected?
