How do assessments and property taxes work?
I am looking to buy a multi family property, however, the price that we would buy it for is ~$150k higher than the assessed value. The numbers still work with decent cash flow numbers. My question is, if we buy the property at a much higher value than the assessed value, how are the property taxes and "Improved Value" of the assessment affected? Will the "improved value" assessment likely increase a large amount, as well as the property taxes or how does that work?