Is the County Paying a Premium?
By: Mr. Wilson on
July 20, 2007
(t)he published land price allegedly “negotiated” by the county is $60,164 per acre. The current county-mandated “market values” of industrial property immediately adjacent to the proposed site are between $19,047 and $43,666 per acre.Can anybody explain the degree to which this is true, and how much it matters? At first blush the County's purchase price looks awful. To arms! But what is a "county-mandated market value"? Governments don't set market values, markets set market values. (Well, some governments around the world set "market" values, but let's not emulate them.) What do the "county-mandated market values" mean, and how do they relate to land purchases by private and public entities? Does anybody out there know the poop on this?
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This is an excellent question and it’s strange that nobody but Coleman thought to ask it before now. I didn’t realize that the county had paid that much per acre.
The “county-mandated market values” might not be a good example. We should probably look at comparable recent sales in the same vicinity to get a feel for the real market value.
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