County property tax value assessments are based on the cost of real estate at the date of purchase and increase by 2% annually by statute. It also includes subsequent improvements [that's one of the reasons to file new construction permits] and downgrades when property values decline en masse or the owner appeals for lower market values.
I purchased a new [used] house this year and was amazed to see my supplemental tax bill [the new corrected base tax bill based on the new assessment] increased by $50,000 over my cost. This resulted in my appeal to correct.
Be on notice to review any governmental assessments and to check it promptly or have your realtor review it ASAP before the 60-day appeal window closes.
The new value will live with you until you dispose of the property and you can unwillingly be contributing extra funds for the fiscally irresponsible agencies responsible. It will also provide an opportunity to engage with some employed village idiots over the phone.
Appeal forms can be downloaded from the County webpage.
* Phillip B Chute is an Enrolled Agent, tested, licensed, and appointed by the IRS directly. He has prepared or supervised over 25,000 tax returns over 30 years.