Assessed Value Of Storm Water Management Ponds

[Eli]

If the developer went under,
who is paying the taxes and insurance on the common areas, that are not streets?

I'm sure the HOA or maybe there were none. I don't remember. That was like right in the foreclosure crisis. I haven't done anything there in a long time. I talked forever with city officials about it at the time. They knew it was a mess too but they didn't fix it. It is in a small rural city. You could classify it suburban but it is more rural in nature.

PM me and I could give you or the op the city officials contact numbers. They will remember it well and might be able to shed some light.

 

[Eli]

A very sharp appraiser I worked for used the term "NIL" when it comes to market value. Never a negative market value. He did everything from eminent domain to whatever. So, market value is "NIL". If you don't have a market, market value is "NIL".

 

[Meandering]

There is no such thing as a negative market value.

It the market views it as an expense, beyond any value, the market won't buy it. A purchase price is necessary to determine market value, hence, nil or 0 are appropriate.

But let's not go down that path again.

I'm still waiting on the closing instructions for the negative value property someone was going to give me along with $50k so that I can be the first negative market value buyer.

.

 

[Eli]

There is no such thing as a negative market value.

It the market views it as an expense, beyond any value, the market won't buy it. A purchase price is necessary to determine market value, hence, nil or 0 are appropriate.

But let's not go down that path again.

I'm still waiting on the closing instructions for the negative value property someone was going to give me along with $50k so that I can be the first negative market value buyer.

.

He didn't like "0" though from a "market value" standpoint. It's related to the definition of value.

"NIL" is the answer on market value. Trust me he had very good lawyers.

 

[Meandering]

Nil, Null, Zed, either or. depends on the context of the intended user's understanding.

 

[Eli]

Nil, Null, Zed, either or. depends on the context of the intended user's understanding.

He gave a definition of "nil". It's readily available now. Remember we are talking about market value, not tax assessment or use value or whatever else.

It's like can I sell you the moon? Or what about Jupiter?

Market value by all three approaches equals "NIL"

 

[Artemis Fowl]

Oh c'mon that was a fun thread

http://lunarregistry.com/

 

[Mr Rex]

While the stormwater ponds by themselves have no (or negative) value, they are not "by themselves". They are a required off site component of the lots they serve. Remove the ponds and what happens to the value of the effected lots? So the ponds do have substantial value, although it might not meet the definition of market value, market value is not the be all/end all definition of value.

 

[Meandering]

While the stormwater ponds by themselves have no (or negative) value, they are not "by themselves". They are a required off site component of the lots they serve. Remove the ponds and what happens to the value of the effected lots? So the ponds do have substantial value, although it might not meet the definition of market value, market value is not the be all/end all definition of value.

Sure, they have contributory value to the PUD,
They may even have ecological value,
They may even contribute value to a surrounding property, by being green space that will not be developed.
They may have sentimental value if the neighbor kid buried fluffy there.
They might even have climate change value.

This is why we have to use a defined value, when valuing property interests, and why we have to cite the definition of the value we are opining.

.

 

[JTip]

Same BS I hear from local farmers when they complain about their 'high' taxes.

In this area, $1 Million dollar ag business land (120 acres, +/-) pays about $2,000/year in property taxes.

$1 Million commercial, non ag, property pays about $30K/year.

Yeah, that's fair.

Go visit a 500 head dairy farm. These guys (and gals) work 24-7-365 just to make $2 a gallon. Every minute of everyday is planned and accounted for each year. It's a dirty, thankless job that provides us with items that we all enjoy daily at breakfast, lunch and dinner.

We recently affected one on a DOT project. Went to visit the milking parlor to meet the owner. It was spotless, freshly cleaned stainless, ready for the 2nd of 6 milking sessions that day. He could only talk about the acquisition and the access issues for the upcoming spring manure spreading and corn planting for a few minutes because he had to go shove his hand up a cow's bumhole to unbind it's innards so it wouldn't die.

I have to respectfully disagree. If they get a tax break, it's well deserved.