The number of existing dwellings recorded by the town assessor in October 1988 was 10,558.

"Fourteen years ago a house that cost $500,000 has a market value today of $5.2 million," said Mark Branchesi, the town assessor.

"The main reason is that we want everyone to pay their fair share," said Brenda Noa, the town assessor.

Gennaro Iagallo, the town assessor, said the owner of the building was anxious to sell.

He served as a town assessor, an assessment treasurer and captain of a fire engine company for Charlottetown.

In most instances the town assessor should be able to provide an estimate of the percentage by which taxes will be lowered.

The entire property has a market value of $455,600, according to the town assessor, Kristina Maddocks.

Kathy Salko, assistant to the town assessors, said: "This is a different way of life.

He served as clerk of the school board 1916-1934, town assessor 1916-1921, and chairman of the town board 1921-1932.

James Calandruccio, the town assessor, says the state's latest equalization rate has not been correctly adjusted to reflect some of these new realities.