Word: overassessing
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Dates: during 1951-1951
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...prices down to absurdly low levels, assessments followed. When prices rose again, the valuation of residential buildings stayed where it was. Even then, abatements came easily if a property-holder knew the right people. The fee for this graft was high, but well worth it. The Politicians used to overassess business property in order to lower the tax rate, and then grant wholesale abatements. The voters are impressed with the low rate, but the city cannot meet its expenses. The debt has mounted up through the years to over $100 million. Although the Board of Assessors' new chairman, David...
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