House A is sold as brand new construction for $450k.
Prices fall – like we all knew they would. Now it is only “worth” $350k in the current market… and it sells for that new LOWER price… $350k.
when new owner buys the property, at 350k…. will his new property tax bill be based on HIS new cost of 350k… or will the county try to claim it’s still worth MORE and assess/bill off the older/higher value?
so basically – if you buy a house for LESS than the prior owner bougth it for – do you pay taxes on the new lower price??
