How can a property be assessed for more than its purchase price?
Real estate may be assessed for more than the purchase price because the assessment reflects "fair market value." Fair market value is not necessarily the price paid for a piece of real estate, but rather, what it is worth on the real estate market at the date of measurement. Since the market value is determined at a place in time, market value continues to change after a sale takes place. Values also change, and the property value may have gone up since the purchase. This is especially true if a piece of real estate was purchased several years ago, or if a person happened to get a good buy because of a distress sale condition. Assessed value should represent fair market value at the time of the reassessment, which may or may not be the same as purchase price or a real estate sales price.

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1. Why is real property assessed and reassessed?
2. Why tax real property?
3. What real property is taxable?
4. When are assessments effective?
5. What is General Reassessment?
6. How will this effect my taxes?
7. Who conducts the general reassessment?
8. If my taxes are paid through my mortgage escrow, do I have to do anything with this new assessment?
9. Why must real estate be taxed at fair market value?
10. What is exactly is “market value?”
11. Why have I received a notice of assessment change?
12. Why is my assessment changing?
13. Is there a law that prevents assessments from changing more than a certain amount?
14. How can a property be assessed for more than its purchase price?
15. What is a home site and how is it valued?
16. Why is my three acre tract valued at a higher rate per acre than my neighbor who has fifty acres?
17. I live in a manufactured “mobile” home, what is the “Improvement Value” that I am taxed for?
18. How can you tax an outbuilding that has no electricity and is not livable?
19. My house is under construction and only partially complete. Why are you not waiting until it is complete to assess me?
20. If I no longer own this property, what should I do with the notice?
21. Explain the differences between sales price, appraisals, and assessments.
22. Can I obtain a copy of my real estate assessment card?
23. How is real estate tax calculated?