Tax assessor has property assessed incorrectly.
I'm in the process of closing on a hud house. I noticed on the county website that they have the property assessed as a 3br, 3ba. This is incorrect. It is actually a 4br, 3ba property. The house is only a few years old and it looks like it has always been assessed wrong under the previous owner. Nothing was ever added on. It just looks like an error that was never fixed. I'm planning on notifying the tax assessor of the mistake. My plan is to live there for at least 2 years while making a few upgrades and then selling it. Are there any pros or cons as to correcting the assessment?