WHY IS THE PENINSULA PROPERTY VALUED FOR ONLY 25% OF ITS SELLING PRICE?

September 27, 2018

Over the past several years, properties are valued on the tax books for what they have sold for.  If you go to protest the value of your property, the first thing you will be told is this, that, and another property sold for $XX so therefore, your property is worth that too.  Funny thing how that is not the case with the Peninsula at Jackson Lake Property.

When the P&Z Board was deciding if this 200+ acres of land should be a conservation subdivision or a conventional subdivision, the developers of the Peninsula property had the Chief Assessor, Lynn Bentley, get up and tell everyone how much money this subdivision would bring into the county. 

Mrs. Bentley told the P&Z Board that the waterfront lots at the Peninsula would be valued at $180,000When asked how she came up with the price, she said, “These lots are better and bigger than Turtle Cove.”  A waterfront lot off Eagle Dr., which borders the new subdivision, is valued by the Assessors office at $130,000 this year. 

Bentley also said the county would bring in $200,000 from the sale of all lots at the Peninsula, and repeated these glowing figures at the BOC hearing as well.

What happened?  The Peninsula property (200+ acres) sold for $3,580,000, but the Assessors only have it on the books for $883,100.  This value is 25% of the selling price.  The taxes on this assessed value would only be $12,285.  If the property was valued at its selling price, like other properties in the county, the taxes would be $50,120.

Why is this property valued even less now than it was in 2017?

When asked at the P&Z hearing what would happen if the lot(s) did not sell, Bentley replied, “They will be taxed at the value of lots.  They would get a discount rate if the lots are sitting and don’t sell.” You could not get much more of a discount then the 75% difference from the selling price, could you?

 

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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6 Responses to WHY IS THE PENINSULA PROPERTY VALUED FOR ONLY 25% OF ITS SELLING PRICE?

  1. ha! says:

    i’m rethinking this. they have 70 one acre waterfront lots over there. currently, a 1 acre or less undeveloped lakefront lot is valued at $125k. by my calculations, these are assessed at less than $10k each, and the remaining 130 or so acres is completely worthless. i’m going to use this info to negotiate a good deal on a few of those lots to keep them from developing them and ruining our peaceful retreat. maybe together we can keep them from wrecking ski cove and destroying the tranquility of our lake.

  2. Special treatment for some says:

    “…They would get a discount rate if the lots are sitting and don’t sell.”

    There are people that have had their homes on the market for more than a year. Will those people get a discount rate because their property did not sell?

    Looks like developers get preferential treatment, while long time residents get a “tough luck” attitude.

  3. Over taxed damn it!! says:

    This is actually a bunch of BS! I’m paying out the nose for my little place in the woods with no pond or lake. That seems pretty unfair to me.

  4. Juanita Tucker says:

    Myself and a couple of my neighbors across the cove from the peninsula pay as much property tax as the whole Peninsula?????

  5. ha! says:

    sounds like someone drastically over paid for that property.
    i’m going to appeal my assessment this year, and would urge everyone else to as well. i have 1/2 an acre with 82 feet of water frontage valued about $300k. if 200+ acres with several thousand feet of water frontage is only valued at $883k, my assessment is WAAAY OFF. its not possible that a 1500 square foot house makes up the difference.

    • James Kelly says:

      Everyone who has been the victim of excessive property tax valuations should file an appeal. Only by speaking up through the appeals process will you be able to stop these unfair assessments that increase year after year.

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