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Updated almost 8 years ago,
Why Would the Value of Land Decrease so Drastically?
I am looking at properties in Warren, RI and multiple properties land value substantially decreased in 2013, between 15-30k! I'm just wondering what would explain this? The price has stayed the same through the 2015 assessments.
That's scary to think one year your property is at its peak and you're thinking of selling, then a new assessment comes in and drops the total assessed value by $30,000.
I understand that the assessment is not what drives the price but some people (hopefully many investors) give it a look when considering a property.
This also seems to be consistent throughout the small city of Warren - not specific to 1 property.
Thoughts?