I purchased property for less than the assessed value on the annual tax bill will my tax bill be reduced?
Per law, the value on the annual property tax bill reflects the Assessor’s value of the property as of January 1, not the current fair market value. Owners that purchased property after January 1 will receive a notice of supplemental assessment, which establishes the new assessed value of the property as of the date it was purchased. If the new assessed value is less than the January value, the supplemental assessment will result in a negative supplemental assessment and automatically create a refund. For additional information, please see supplemental property tax.
Related Questions
- I am about to purchase a property at a price significantly below the assessed value. Will my property taxes be based on the new purchase price or on the assessed value?
- I purchased property for less than the assessed value on the annual tax bill?
- How can the assessed value of a property be changed after it is reduced?
