The city property assessment letters arrived over the weekend. Back in February, Greenfield had announced they were going to take a look at the values of the condos in the city, thinking they were overvalued in light of the vastly changed real estate market.
Well, duh.
The great news: they adjusted the value of my condo downwards by 23%, to within spitting distance of what I actually paid (it does feel strange to be happy that the value of my property has dropped, but I'm all for realism here).
A friend who owns a single family home in the same city said her assessment went down also, though about half as much on a percentage basis.
The not-so-great news: the city has to balance the budget somehow. I'm betting on a combination of a higher tax rate and more/higher fees-for-services.
Still, no complaints.
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