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Lake effect on real estate
June 18, 2013 - John D'Agostino
When you have 10 people attend a municipal board meeting, that is a lot.
When you get 80, you're talking a real issue. In the town of Portland, the equalization rate has stirred a number of property owners and led to a standing-room only crowd at the meeting last week. Currently, the Portland equalization rate is 54 percent, a reduction from 62 percent last year. A big portion of the rate change has to do with the lake property in the town.
How equalization affects the homeowner is in the taxes being paid.
At 62 percent equalization, a home assessed at $110,000 in the town, has a value of $177,420. At 54 percent equalization, that $110,000 assessed home is valued at $203,704.
A chart done by Bill Ploetz, who attended last week’s meeting, is included with this blog. The acronym CAMA stands for computer-assisted mass appraisal.
It shows a strange reality — as home values went down in the nation, up they went in Portland.
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Here is the graph comparing Portland with the United States and the Cleveland area.