Property values and taxes on real property are tied to the property, not the owner. The previous owner may have done work to the property that was discovered at the time of sale.
FAQ Tag: exception event
Your Assessed Value (AV) can increase for two reasons: An Exception Event Or if your previous year’s Real Market Value was lower than your Maximum Assessed Value and now your Real Market Value is more than your Maximum Assessed value. If so, you may see a jump in your Assessed Value, depending on how low … Continued