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by SOLAR_FIELDS 1423 days ago
It’s an interesting idea, a few loopholes come to mind:

If the option to sell is at anytime through the year, there is the risk of city being on the hook when values tank across the board. If the exercise window is only say a month after the appraisal this risk is diminished.

I could see this system being used to exploit uneducated homeowners and essentially con them into selling below market value. Not sure how to lower the risk of this one happening.

1 comments

1. I would expect the window would be the same as you have now to contest the value. Ideally nobody would exercise this right since it is essentially an SLA for government assessment quality. Everyone would rather have an assessment be consistent and slightly conservative than arbitrary and inflated.

2. I don't see the exploit? If they sell below market value then the government gets the profit.