“So dropping the worth of one lot from $400,000 to $40,000 isn’t a taking.”
They can sell the two similar lots together for almost $700k. The building is almost worthless.
Purchase of lots occurred in the 1960’s. Regulations impacting land use along the river occurred 1980’s. Sale of a lot, adjoining their lot with a cabin, contemplated in 2004. Taxes on a $400,000 lot would be different than a $40,000 lot. What does the tax payment record support?
What was the history of real estate valuation used by the county/state for property tax purposes all the preceding decades??? Once the regulations which impacted property valuation came into force, was a reassessment on value for tax purposes made—were the accessed property taxes reduced? Was the local government negligent in interpretation or application of a law impacting real estate value, thus taxing the property at an inappropriate rate?