Phase Out in 2009
Limited Market Value is phasing out in 2009. At that time seasonal owners will be paying property tax on the full assessed value of their property. Often the assessed value of a property is two or three times higher than the limited market value, i.e.. the current taxable value.
So that means that in 2009, an owner’s tax bill could double or triple.
Check your tax bill. How much more is your current assessed value than your limited market value?