Will taxes automatically reassess after I purchase vacant land?

[tahleel]

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

[Goose]

i think once the tax rolls are set for the year, the assessments don't change via sale mid year, it would only happen around march of each year, and you would probably have to bring proof of value.....

[professorscott]

Correct - there is no automatic reset of property values. The only automatic effect is whatever decision is made to bulk-increase or bulk-increase values in a given area in a particular year. This decision is made by the community's assessor.

If you have some reason to think your particular property should be reassessed, you have to go to the community's tax assessment appeal, which is in March of each year. If you buy a property in late March or early April, you must wait nearly a full year. Then, still, you are taking a chance - the community's appeal board can decide whatever it wants, though it is supposed to take facts into consideration.