It depends how the condos were structured and how many phases there were and what percentage of each phase were completed. Were the association put in place or was the builder still managing the association? The tax values are most likely the least of your worries. The taxes should be able to be adjusted with an appeal if not done authomatically by the city. However, my concern would be about the entire complex and how it will look in the future. Your association should get together a she what they can do to protect the value and the development. Look at talking to a atttorney!