OPINION
EASTAUGH, Justice.
Property owners argue that the superior court erred in affirming a denial of their property tax appraisal appeal.
The property owners purchased four vacant residential lots in one subdivision at a Federal Deposit Insurance Corporation (FDIC) land liquidation auction in 1991. They paid $7,200 per lot. Seven months later the Municipality of Anchorage appraised the four lots at substantially higher values.
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