In many cities, people complain about the city assessing property values too high. In Boston, I've found the city often assesses residential properties ~10% lower than their market value, which is understandable because it reduces complaints and doesn't really affect anything due to prop 2 1/2 governing total tax intake.
Earlier today, I looked up Vertex's properties and they are undervalued by more like 50%. The two buildings [sold for $1.1 billion in 2014](https://www.bostonglobe.com/busines...for-billion/xbpi6h9E8xBbtL7mLbhHUP/story.html). They are currently assessed at ~$570 million instead. Construction costs were supposedly $800MM, so this seems absurd. That is hugely undervaluing the property, shifting the tax burden onto other payers.
Earlier today, I looked up Vertex's properties and they are undervalued by more like 50%. The two buildings [sold for $1.1 billion in 2014](https://www.bostonglobe.com/busines...for-billion/xbpi6h9E8xBbtL7mLbhHUP/story.html). They are currently assessed at ~$570 million instead. Construction costs were supposedly $800MM, so this seems absurd. That is hugely undervaluing the property, shifting the tax burden onto other payers.