I'm looking to purchase this parcel of vacant land for business use. Currently, the taxes are near $30K a year, because the city believes there are buildings on the property and has the SEV over $200K. There are no buildings whatsoever, thus I believe the SEV should drop back down to the value of the land. When I purchase this land, will the city automatically reassess the value of the property for the land? Or would I have to pay $30K in taxes, and then wait for February to roll around and have it reassessed then?

Thanks.

-Tahleel