North Central Illinois | JAnderson - 7/13/2024 08:33
How could he have bought it below market value? What he paid for it that day was what the market was worth that day. Not like it was a private sale either.
Auctions find true market value. Just because I’m asking a million dollars for something doesn’t mean it’s worth a million dollars.
In IL, they can't assess based on sale value either way (high or low). The land formula is based on soil ratings and use. Homes based on square footage and amenities, not sure exactly on ag and commercial buildings. Assessment is meant to be based on what is akin to "average" value of a specific type of property.
I can think of an auction here where one parcel sold for $15xxx and another for $13xxx per acre and they were very similar quality. One adjoining owner wanted a specific one out of a group offered on buyer's choice. They'll both be taxed the same. |
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