STONE HARBOR – Tax Assessor Margaret Slavin reported to borough council March 2 that the real estate market is still “crazy.”
Slavin said that despite Stone Harbor going through a borough-wide reevaluation, in 2017-2018, the current ratio of assessment to market value is 90.4%, meaning a two-year weighted average of home sales compared to assessed value show assessments 10% below the market. If that 10% difference reaches 15%, Slavin said the county could call for another reevaluation.
Many of the properties she highlighted in recent council meetings are selling well above a 10% difference, with assessed value.
Slavin mentioned one two-lot property, with 147 feet of water frontage, was on the market for $13.9 million, when the combined assessment is $7.5 million. She also called council’s attention to an 88.7 by 100-foot property that sold for $3.9 million. The home was demolished, making it a pure land sale.
“It was way above its assessment,” Slavin said.
“I had hoped that I would be able to retire before doing another reevaluation,” she added. “I don’t think I am going to be able to do that.”