Does the amount of taxes rewarded on yor home depend on the assessed efficacy or the purcahse price?

My latest home be assessed at $185,000 but I am purchasing it for $150,000. It is a forclosure. What price will I be paying my taxes on?

Answers:
Assessed merit, but that may tweaking since you enjoy bought the house for smaller amount than it be assessed at. Hopefully the subsequent time your home is re-assessed it will be assessed lower.
I suppose it depends on where on earth the home is... for instance, if your home is in Orange County, CA., you could stir to the following cooperation to see how it is calculated. If I be you, I would travel to your County Assessor's website and check it out... you can also ring them on the phone.
You will earnings taxes on the assessed expediency. That may be base on the sale price as within California or on broken up updating of assessors values.
Property taxes are base on the assessed price, not the purchase price. You could try appealing the assessment to try to grasp it lowered.

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