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Property Q&A in Edgartown : Real Estate Advice

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Activity 6
Mon Jul 21, 2014
stephen.zaimes asked:
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This question was asked from this property: http://www.trulia.com/property/3080433838-38-N-Water-St-R-6-Edgartown-MA-02539#photo-6
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Mon Jul 1, 2013
Richard Shapiro answered:
What ever they put on the deed to transfer ownership is what gets recorded. there is nothing to change if they called the transfer price $224. If they are going to sell in the future, that transfer price will not be an issue as it was not an arms length transaction. ... more
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Thu Sep 20, 2012
Fred Roven answered:
Sold April 15, 2010 for $490,000. Please be aware that Trulia does not have access to Martha's Vineyard sales figures and only has the few properties advertised.
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Wed Mar 16, 2011
Heidi Zizza answered:
put the new listing number in and it will reload
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Mon May 4, 2009
Peter Fyler answered:
Hi Audrey,
This substandard 7400sf lot is in an R20 area which means the min zoning is one-half acre. Deutsche Bank has owned the property since 2006; they took it for $128K, and it is assessed at $56K for 2009. I cannot imagine being granted a building permit, so it's only real value would to the abutter next door. Today I am starting to see buildable vacant lots on the market close to $200K. There is a half-acre lot for sale at #70 16th Street South in Edgartown with an ‘asking’ price of $215,000 and there are three lots in Oak Bluffs for sale under $200K. I hope this helps a little and good luck with your search. ... more
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Sun Apr 5, 2009
Peter Fyler answered:
Hi Audrey,
I received your inquiry yesterday, but I was traveling back from a real estate symposium off-Island in another state.

First of all, this property was sold December 5, 2008 for $1,075,000, which is 23% below its original asking price of $1.4mm. The current 2009 assessment is $1,818,300. In order to calculate the 2009 taxes on this property, or any property, you have to know what the ‘MIL” rate is. I have a page on my website dedicated to explaining the ‘MIL” rate, so please follow this link for a complete explanation > http://www.splitrockre.com/mil-rate.shtml .

According to the selling price, $1,075,000, the 2009 tax bill would be $3,128.25. However, since you will be taxed according to the 2009 assessed valuation, your tax would be $5,291.25. Therefore, it would be prudent to submit an abatement request to the town. In Edgartown, when you purchase a property, you pay the current assessed tax value until the new assessment is posted. Revaluations are performed every 18-24 months which means they are always behind. In Edgartown, the tax bill is sent to the previous owner! I know that seems strange, but that is the way it is. You can get a copy of the tax bill from the Assessor’s office.
... more
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