What happens when you group Class 1 property by Market Value and then compare how they are assessed for property tax payment. You will see that at >$0 market value the assessed value over market value ratio (we will call this the "assessment ratio") in 2014 is 4.6% and at the other extreme < $30 million the assessment ratio again is 4.6%. This is obvious because both groups contain the majority of properties. Although not all because there is currently at least 23 class 1 homes with a market value of greater than $30 million.
An interesting part is when you vary the break point. You'll see that all homes over $3 million have an assessment ratio of around 3% on average while all homes under $3 million have an assessment ratio of 4.7% which means the lower market value homes are paying a higher tax percentage relative to their market value.
An interesting part is when you vary the break point. You'll see that all homes over $3 million have an assessment ratio of around 3% on average while all homes under $3 million have an assessment ratio of 4.7% which means the lower market value homes are paying a higher tax percentage relative to their market value.
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