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3 different sale prices...which one will be used for yearly taxes?

I have purchased a home for 239,900 this month.  We are purchasing it from investors who bought it as a forclosure in December for 200,000.  It was last sold in 2006 for 266,000.  Which one of these figures is what we will end up paying taxes on?
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October 20 2013 - O Fallon
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It depends on what state you are in to some degree. Different sates use different methods. Some reassess every few years no matter what it sells for, others reassess after each sale.


tim
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October 20 2013
In the state of Ohio the property is reassessed every 3 years. However, starting in January of every year an owner can dispute the value to lower your taxes. One sure fire way to do this is to bring in the last sale.
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October 20 2013
If you purchased in California taxes would be based of your Purchase Price of the home.
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October 20 2013
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In my state, your purchase price is the one that the assessor would use since they usually use the most current one. I would give your assessor's office a call and ask. Most are happy to help.
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October 20 2013
Every state is different.  It would be best for you to call the local tax assessor.

In my state it is not based on sale value but on assessment.  Mass assessments are conducted by independent appraisers every so many years.

Some states use sale value and apply a formula to arrive at assessed value.
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October 20 2013
 
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3 different sale prices...which one will be used for yearly taxes?
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Latest reply by Call The Sisters
October 20 2013 | 5 answers
  • Posted by user4728216
  • In Taxes
  • October 20 2013
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