The reductions granted by Smith’s office, which are temporary and reviewed annually, apply to the assessed value, not market value, on individual properties. Assessed value is typically the purchase price plus no more than an annual 2 percent boost allowed under state law.
“If you bought in 2005, the market value very well may have dipped below the assessed value,” Smith said. “But if you bought in 2000, that won’t work for you because the assessed value is still so low.”
The article was written to address the issue of people applying for reassessment, not necessarily home purchases.
