Did they give ANY explanation? Assessments are based on value and improvements. In this real estate market, I don’t see how the value could increase, at least not that much. Did the owner do some massive improvement to the property? Or is the government’s heavy hand trying to force a default so they can own the property and sell it for big bucks to a developer - in other words, a back-door imminent domain al la Kelo case method of getting the property without having to pay a dime for it?
Well, this isn’t in the state run media yet. He has set up a meeting for an explanation. Will give full report asap.
(back door imminent domain, IMHO)