need answers to property tax law is taxs baisd on value of purchase prise or cities asset value of the proper

Answer 1

I don't know where you live so it may be different there. In Texas property taxes are based on the assessed value of the property. Each county has an assessor who values all property in that county each year. Purchase price is a factor that the assessor will consider but it is not what the taxes are based on.

Answer 2

Nope, you are dead wrong. You are taxed on the fair value of the property as determined by the county. You getting a GREAT deal, does not mean that the county must use your lower price as the assessed value. If the two amounts MUST be the same, then why is there two different terms for the same amount? That generally only happens when a house is sold at fair market value according to the county, but by no means is that California state law.

Answer 3

Property taxes are based on te assessed value of property. Many cities and locals use current selling prices because the best valuation is a slae between a willing buyer and a willing seller neither of whom are related. The problem with this is that they are using comparable sales data and not all properties are comparable just because they are located in the same neighborhood. Appraisers are supposed to take this into account but they generally don't. If you think they are wrong you would have a certain amount of time after receiving your property value assessment to appeal the valuation.

Answer 4

Property taxes are always based on the assessed value of the property. In most jurisdictions, the assessed value is intended to reflect the market value. At the time of sale, the sale price and the market value are normally the same. Most jurisdictions have a procedure for appealing the tax assessment if you believe it is to high. Contact your county courthouse to find out the procedure.