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Old 10-22-2008, 09:14 AM   #21
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Originally Posted by lazygood4nothinbum View Post
sorry if off-topic but as an example of malfunctioning mark-to-market, here is an excerpt on how foreclosed properties will be taxed in my county.

so i guess it has only been marked to market for that moment.
Again, thinking incorrectly from a tax perspective...

It is the 'willing buyer' and 'willing seller'.... on a forclosure they do not list the seller as 'willing', but is forced to sell... and that the buyer would be willing to pay more...

It does keep the tax base up...

BTW, in Houston back in the S&L days, some neighborhoods had between 24 and 50% forclosures... they did have to use the prices as market...

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Old 10-22-2008, 01:04 PM   #22
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first off i was mostly just being funny. but since you brought it up, just how does your theory of perspective play out when 49% of the sales in an area are the foreclosures? that becomes the market, does it not.

in recognition of such a trend, here's another excerpt from my local property appraiser's office...

As for short sales, Lori believes they now reflect the market and -- based upon an October 2008 advisory opinion from the Florida Department of Revenue (DOR) -- we are generally treating all 2008 short sales as qualified sales for 2009 assessment purposes.
perhaps they are only referring to the "willing" short-sellers. splitting hairs.

ps. speaking of charlie rose, he produced another great program the other night: A conversation about leadership at the Harvard Business School centennial celebration - Charlie Rose

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