OK. You guys are far much more knowledgeable than I. I thought if you bought at peak and the property value decreased now, you have it assessed and potentially get lower taxes.
But for some reason I thought that the property value is calculated by the purchase price. If someone 2 years earlier purchased a home and now it sells for, say, 25% less and other homes in the area are also selling for more or less the same, then wouldn’t the tax rate fall accordingly?
I mean, just seems logical. If it’s based on the value of the property, can they just say, in 1985 the place sold for 100k, but in 2006 it sold for 800k so that’s what the new tax base will be, but now it sold for 500k, but we’re still assessing it at 800k? That doesn’t even seem right, especially if other properties in the vicinity are selling for less. Seems like they will assess according to the new lower sales price. They don’t have a problem assessing when the new price is high, but they’re not going to adjust accordingly when the value drops?
