Appraisal Value vs Tax Assessed Value
Quick Question-
A friend of mine just sold a house that was tax assessed at a value of $190,000. An investor purchased it, performed a major rehab and sold it for $400,000 which was due to the fact that it is a high-value area in Fort Worth and the recently sold comps verified the market value of $400,000. My question is, what will the city have this property assessed at now? Part of my confusion is that if the recently sold comps didn't raise the neighborhood value significantly already, can the city now raise the assessed value by almost double? Or will the city still have to incrementally increase the tax value by 10% per year(or whatever it is)