pencilneck – the FMV would be the purchase price, not the price after “repairing” the home. If however, you build substantial improvements, such as added square feet or a swim pool, then the home is subject to reassessment – basically your purchase price plus the added value of the substantial improvements. If all you are doing is repairing damage and making improvements within the existing footprint of the home, your home is not subject to reassessment.