ANSWERS: 3
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I don't know where you live. Here it is always based on the assessed value. There's a land transfer tax here that is either 1% of the purchase price or 1% of the assessed value - whichever is higher. I think it varies on location as to what the laws are.
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Property taxes in the area I am in are based on assessed value. If you think it is assessed too high, you can request a review of that assessment whenever they do a reassessment. Why is the property sellling at below assessed value? I can understand that if you are in an area where real estate is depressed, but I would want to be sure there isn't some issue with the propety that I dont' know about. If you are buying through a real estate agent, he (or she) should be able to answer your questions.
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The assessed value should be based upon the market value of the property. Your purchase price may or may not reflect market value
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