Councilman Vincent Martin’s house/property is assessed at only $321,300. This is a low assessment for that property by any
measurable indicator.
The councilman paid $500,00 for the house in 2006. As George Reggo was updating the tax card in 2006, it didn't cross his mind that the assessment should be some what in line with the market value? Market values are dictated by sale prices.
Zillow currently lists an estimated value for the property at $401,653.
Reggo’s assessment is $178,700 (36%) less than the purchase price. Reggo’s assessment is $80,353 (20%) less than zillow’s estimate.
Lodi’s tax rate in 2018 was 3.246. The property taxes for the councilman are
listed at $10,429.40.
If the property was assessed at the actual purchase
price of $500,000, the taxes would be $16,230.
The councilman is paying $5,800.60 less than that.
If the property was assessed at zillow’s estimate of
$401,653, the taxes would be $13,037.66.
The councilman is paying $2,608.26 less than that.
Too often in Lodi, politicians (family & friends)
are assessed differently than their neighbors.
And that is why the Lodi PRIDE loves George Reggo.
