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The value of anything, including real estate, is determined by a willing buyer, and a willing seller, known as a meeting of the minds.
I don't think you have any idea what was going on here on Marco Island during the mortgage fraud days when homes and condos were being purchased by "straw buyers" for $X and then filing a false deed in the public records for $X times two.
If you happened to be an owner of a home or condo near the falsley inflated sale, the taxable value of your home rose based on this sale, and there were many of them.
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