STONE HARBOR - Stone Harbor Tax Assessor Margaret Slavin used the Sept. 1 Stone Harbor Borough Council meeting to keep the governing body aware of a continued surge in property values. “It’s crazy,” Slavin said.
Slavin pointed to one 60s, split-level, bay-side home that sold for $2.9 million, in November 2017; $3.2 million, in May 2019; and is now on the market for $4.5 million.
“Now, we will see what they get,” Slavin said, but it was clear she expects that sale price to represent a significant appreciation over May 2019.
The borough recently conducted a municipality-wide reevaluation for the 2018 tax year. Slavin noted that the assessed value to market ratio for 2020, just two years after the completion of the revaluation, was at 94.9%, showing continued market appreciation.
Pointing to a different bay-side home, Slavin noted that the home, purchased six months previously for $2.2 million, recently sold for $2.8 million. “That was in six months,” she said.
“I know this will eventually even off, but I don’t see it happening anytime soon,” she added.