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Is acquisition cost used as the fair market value for property taxes?

kenneth88 · 4 · 2544

kenneth88

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Does anyone know how the Fair market value is determined by City Assessor? Let say I bought a property worth 2M(acquisition cost), is this automatically set as the Fair market value for my property assuming that the prevailing fair market value released for that area is lower lets say 1M worth only.

Formula below:
Assessed Value x Tax Rate = Tax Due

Assessed Value= Fair market value X Assessment level


DonT

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I think it is usually 'whichever is higher'.


mxherr5

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Officially its whatever is higher
but in practice yung zonal value ata
(I say ata because I pay amilyar on
a valuation that's 1/4 of my acquisition
cost. Unfortunately I do not know the zonal
values here)


ferrariEverest

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Madalas hindi updated ang zonal value or ZV. Minsan lagpas 10 years nang hindi updated. :D Check mo ang property prices dun sa area mo. Yan ang factor bukod sa ZV.


 


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