Assessed value does not mean a whole lot and if I were to buy a lot during these times, I would make damn sure I was getting it for at least 60% or less of value.

That is what alot of the investment business is about risk assessment.

I have found quite a few bank owned condos with asking prices at half of what they were assessed at last year.

The good thing about this situation is that it is allowing me to assess my defensive situation.

Tony, I am in agreement with your assessment of this bill.

The place is assessed by the city for 550k+ I'm thinking about taking a HELOC and using the money as a down payment on the condo and using some of the money to purchase a REO or a foreclosure property that should be less than 50k in an area not too far from me.

Remeber, with condos, you'll NEVER own them free and clear and there will ALWAYS be special assessments.

The annual fees are bad enough, but from time to time you can be hit up for special assessments.

Last tax assessment was in recorded in 92, a little over 310K for land and improvements.

A correct ROR assessment should take into account the possibility of default on the note, and any expectations thereof.