CITY OF MONTICELLO LAND PURCHASE GIVES WINDFALL TO LAND OWNERS

December 11, 2017

Any price seems to be acceptable when the taxpayers are paying for it.

The City of Monticello recently closed on the 705.95 acres off Hwy 11 South that borders Feldspar Rd.  Despite the assessed value (which is supposed to be the fair market value) being $1,309,900 the City of Monticello paid $3,151,667 for the property.

According to the property record card there is/are 40 acres of pond(s) and 665.95 acres of woodlands valued at $1,233,100.  The City designated on the closing statement that they paid $1,800,000 for this land.

Also on the property record card are improvements and accessories—a house, a storage shed, and a well—valued at $76,800.  The City designated they paid $1,200,000 for “personal property.”

Overall, the City paid $3,151,667 for 705.95 acres or $4,464 per acre in comparison to the assessed fair market value of $1,309,900 or $1,855 per acre. 

The site was first touted as an industrial Megasite by the City Council; however, since the first announcement, the Megasite idea has not been talked about, but instead the Council says the site has become a new source of water for the City.

You will have to decide if the City of Monticello taxpayers will be paying for a good deal or not.  The property owners certainly benefited, extremely well.

 

TWG

Citizens, be informed and stay informed!  Only by being informed, can the citizens understand what is being done and talked about, and then press our officials to make good decisions for everyone in Jasper County.  That is our goal with the Taxdogs blog.

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5 Responses to CITY OF MONTICELLO LAND PURCHASE GIVES WINDFALL TO LAND OWNERS

  1. Get ready says:

    Fair Market Value of anything is determined by how much someone is willing to pay for it.

    The assessors determine the fair market value by looking at recent sales.

    For the folks owning property near the area, I say, “hold on to your socks and start saving your dollars”. Your property value just went up a bunch and so will the corresponding taxes.

  2. Who messed up? says:

    Did the Assessors grossly undervalue the property or did the City of Monticello grossly overpay for it?

    My guess is that the owner, never in their wildest dreams, thought they bought a gold mine when they purchased the property. To think that a modest prefab home will bring over a million dollars down the road.

  3. D'OH! says:

    those fools! i’ve got just under an acre of land with a 4750 acre lake attached that i would have sold them for half of that!

  4. REALLY???? says:

    Why does this not surprise me in the least. Makes me wonder what relationship the owner has with those making the deal. They got one hell of a great deal at our expense.

  5. Teresa Willus says:

    And the citizens keep voting these folks in. Can’t wait to be able to retire and leave this town.

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