“The Pizzuto text has rendered the (Timex) property worthless because the owners now can’t maximize the property value. The owners could appeal their current assessment so they can lower their property taxes due to the loss of property value.”
All Middlebury residents can now file assessment appeals because we too can’t tear our homes down to build distribution facilities and maximize our property values. Or, file an appeal because you can’t afford to paint your walls with gold paint, so that affects your future home value. While you’re at it, there’s no drive-thru in town, so that has definitely affected your property values because economic development has been driven away from town.
If a distribution facility IS eventually built, a Middlebury town official has confirmed that residential property values will be affected and we can all file appeals then.
This absurd logic would mean any vacant lot, or really any piece of property, should always be taxed at the maximum potential future value (using the most expensive, luxury materials) even if nothing is built on it or the current use is somehow less lucrative than a possible future use.
