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Visited friends in Montebello this weekend and saw way more high end homes for sale than ever before (we visit them once or twice per year). I noticed the values somewhat depressed ie previously purchased in the $1m-$1.5m range and now asking $799k-$950k. However when researching it seems EVERY property's tax went up 32-40% in 2011-2012 (specifically as that was the last year referenced in RE ads). Was there some sort of mass re-assessment by the county/town? I am on Long Island and I am amazed at the quality level of homes available for $700k but the taxes are over $30k, far exceeding even LI's insane taxes. That has GOT to be keeping NYC buyers at bay and further deflating prices, no? Just looking for any opinions or backstory.
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