I would submit that your property tax is calculated on your running assessed value. That value is recalculated each year. I always looked at it as a pie in the sky arbitrary value that your property would bring on Tax Day December 31st of each year. That's how it is in Michigan anyway.
I would be more than happy if my properties that I bought over the past 50 years was taxed what I paid for them $1000 - $1650 per acre. This past assessment change notice I received for this next year the true cash value will be over $8000.00 of which the taxes are based on 50% of that $8000.
I my opinion property should be taxed on the value of that house or land at the time of purchase and then recalculated when that property changes hands.
I would be more than happy if my properties that I bought over the past 50 years was taxed what I paid for them $1000 - $1650 per acre. This past assessment change notice I received for this next year the true cash value will be over $8000.00 of which the taxes are based on 50% of that $8000.
I my opinion property should be taxed on the value of that house or land at the time of purchase and then recalculated when that property changes hands.