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.
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.
They aren’t taxed?
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