Office building value decline is a big issue for cities but important to distinguish cities like Boston from St. Louis and similar. St. Louis is in a doom loop with no easy solutions while in Boston residential properties have exploded in value over the past couple decades yet assessments have not kept up (because elected officials like to keep their jobs). Home on Lime St being marketed for $18m with an assessment at $7m is just the tip of an expensive iceberg. Boston should certainly look to pare its budget but a much healthier solution than piling on to office buildings already declining in value would be to appropriately assess the homes citywide where many have built a small fortune (on paper).
such a good comment. My assessment has jumped under Wu but she may be targeting neighborhoods that didn't vote for her rather than residential property citywide. At this point for residential you could fire the assessors and just take an automated average of the estimates from Zillow, Redfin, etc.
Office building value decline is a big issue for cities but important to distinguish cities like Boston from St. Louis and similar. St. Louis is in a doom loop with no easy solutions while in Boston residential properties have exploded in value over the past couple decades yet assessments have not kept up (because elected officials like to keep their jobs). Home on Lime St being marketed for $18m with an assessment at $7m is just the tip of an expensive iceberg. Boston should certainly look to pare its budget but a much healthier solution than piling on to office buildings already declining in value would be to appropriately assess the homes citywide where many have built a small fortune (on paper).
such a good comment. My assessment has jumped under Wu but she may be targeting neighborhoods that didn't vote for her rather than residential property citywide. At this point for residential you could fire the assessors and just take an automated average of the estimates from Zillow, Redfin, etc.