I just bought a new house, will the Assessed Value be half of what I paid for it?
No, the purchase price of a home is not automatically assumed to be the "True Cash Value" of a property. This is because the only sales that are considered when attempting to determine "True Cash Value" are "Arms-Length Transactions". This does not mean that your purchase prices isn't good evidence of the value of the property, but it's only evidence, not the presumptive value.

Show All Answers

1. I am a first time property owner. What important information do I need to know.
2. What is the difference between Assessed and Taxable and Capped Value?
3. How is the inflationary (CPI) increase calculated?
4. I keep hearing the phrase "Arms-Length Transaction". What does that mean?
5. I just bought a new house, will the Assessed Value be half of what I paid for it?
6. What is a Principal Residence Exemption?
7. How do forclosure / short sales affect the value of my home?
8. Do I have to let the Assessor in my home or on my property?