I definitely have been assessed $100K more than the purchase price. I received a supplemental assessment and talked to the appraiser to confirm that the assessment was not a clerical error. For purposes here, lets assume I paid $500,000 and the assessment was for $600,000. The previous owner’s assessment was $650,000.

You are right, however, that my current tax bill is based on the prior owner’s assessed value. That is not what I am worried about, as I know that if I pay based on the $650K assessment that I will get a refund on the next supplemental roll.

When I spoke with the assessor’s appraiser, he told me that he looked into comparable sales in my building because I had gotten such a good deal and because I purchased the property out of foreclosure. I did not purchase the property out of foreclosure, I purchased the property from a bank who purchased the property from another bank who bought the property at auction. The property was listed on the MLS in excess of 30 days when I made my offer at asking. I was represented by an agent, and so was the bank.