Greenfield - Condominium owners in Greenfield, many of whom have seen their property values drop, may soon see their property taxes drop as well.
Because condo prices have fallen more than the prices of homes and other kinds of property during the housing slump, Greenfield will take a comprehensive look at condo values and make any needed adjustments.
The city does smaller readjustments every year so that taxpayers pay their fair shares. But city assessor Eric Miller said the condo area needs a more extensive study.
The Greenfield Common Council approved the study, estimated to cost $30,000, last week.
Last year's spending toward such readjustments was $15,000 and the year before it was $10,000, Miller said.
He has no read yet on how much condos have fallen, but he said, "It's a gut feeling I've got, based on some of the sales.
"I'm concerned at some of the prices I'm seeing," he said.
Smaller adjustments were made at a couple of condominium complexes in 2010, he said, but a broader study is needed.
With 2,500 condo units in the city, Greenfield has a higher concentration of condominium development than other cities, he said. Greenfield has one of the first or even the first condominium development in the state, he said.
Overall, prices range from more than $300,000, he said, "And you could probably buy one for $50,000," he said.
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