Real Estate taxes?

I just bought a 2/2 condo in Estero, Florida for 145K. The county's 2007 assessed value for the property was 171K. Since I bought it for 145K, will 2008's assessed value be 145K? Thanks

Public Comments

The government is not usually ok with accepting less money regardless of the reason. You will need to file an appeal with the local tax authority regarding your assessed value being more than your purchase price.
You could have just gotten a "good deal" on your condo, but the appraised value is still $171K. If property values have actually dropped, you should ask for a re-assessment.
Filing an appeal for a re-assessment should resolve the issue. The city/town could still assess it at 171k, in which case you're out of luck, but there's been a down turn in the country wide housing market and even more so in Florida, so you should be able to get assessed in line with what you paid, thus saving a good chunk of change.
Your recent purchase should demonstrate the condo's fair market value but it is not uncommon for the government to overlook something of this nature. Thus, there is no gurantee that next year's tax bill will result in a lowered value tax basis. If the government does use the higher number you often can go to the local PVA and argue your point. I am amazed at how few people are aware of this option to them.
County appraisers research and determine the assessed value of your property in the first part of the calendar year - usually the first quarter (January, February, March). So, they are actually evaluating your property right now for your 2008 tax bill. Property values in Florida were quite different in January - March 2007 than they are right now. So, you may see your 2008 assessed value reduced, as a result, although what that number will be relative to what you paid for the condo is uncertain. Rarely is the assessed value as high as the fair market value. I hope that helps.