Perry if she purchased at price X and the house immediately depreciates and continues to do so, wouldn’t she be paying the reassessed value (assuming she petitioned the assessor to get the lower rate) until the market bottomed out then came all the way back up to her purchase price of 550k or whatever she paid for it?
I did not clarify my point well enough. The interest and HOA you cannot control. What you pay in property tax you can control. This is what I was trying, (and miserably failed at) to point out.
So yes let me ammend my post, you will be paying more in property taxes then your neighbor who bought lower and you will ALWAYS pay more, AS LONG AS the market value of your home is above what you payed for it. If the market value of your home is below what you payed for it, then you will pay based on what the current assessment is. Theoretically if your neighbor buys a house that matches your floorplan, you will pay the SAME as your neighbor IF you go to get your home reassessed using that home as a comp AND the assessor agrees to reassess your home to that value. You should then pay the same as your neighbor UNTIL the value of market comes back to what you originally paid.