this post was submitted on 22 Oct 2023
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Taxed at whatever the adjustor lists as the price. So big corps can by up all the houses/apartments in the area really cheap, and then hike the price up in an inelastic market while pay taxes at a much lower rate.
Thanks to prop 13, in California it's not just corpos. It's also Boomers who decided to buy a 3 bedroom house on a whim for $18 back in 1978.
This is state by state. In some states you pay according to regular reappraisals and in some states (generally those with worse housing markets) you do not.
I was also going to say this - assessors for my city increase the assessed value for taxing purposes independently of whether there is a recent sale