I think they deserve more than they got. They’ve paid taxes on the property and the county collected taxes the whole time. They have owned that property and should be compensated the value as of 2005 when they were made aware that they no longer owned it. The government essentially stole it from them.
Question I have is that the town accepted tax payments from them, admitted that the town records still showed them as the owners and the town never officially notified them of change of ownership. I also would bet if there was a insurance liability claim on the property the town would have been the first to say it is not theirs. With that why would it not be the assumption that they still own the land?
Maybe — I think $5 million is a conservative estimate of the 2005 value. Prices for breachfront real estate skyrocketed between 1995 and 2005, then started dropped starting in 2006. Probably worth $3-4 million today.
Paid taxes on a piece of sand worth a couple of hundred $, able to collect what they paid for it originally & want $5.5MM. Nah, not greedy at all.
I think they deserve more than they got. They’ve paid taxes on the property and the county collected taxes the whole time. They have owned that property and should be compensated the value as of 2005 when they were made aware that they no longer owned it. The government essentially stole it from them.
What do you suppose that particular piece of sand was worth in 2005?
@maybe. Hmmm… beach front property in New Jersey. I would say more like $285K per acre.
Question I have is that the town accepted tax payments from them, admitted that the town records still showed them as the owners and the town never officially notified them of change of ownership. I also would bet if there was a insurance liability claim on the property the town would have been the first to say it is not theirs. With that why would it not be the assumption that they still own the land?
Maybe — I think $5 million is a conservative estimate of the 2005 value. Prices for breachfront real estate skyrocketed between 1995 and 2005, then started dropped starting in 2006. Probably worth $3-4 million today.