So in a state where taxes are reassessed upon a sale:
The 2008 tax bill shows total assessed value = $10M, $4M land, $6M improvements.
So a 60/40 ratio, improvements to land.
I buy the property for $15M, so new assessed value is based on the $15M, for example. Should I still use the 60/40 ratio to split out the land value vs improvements?
Jul 30, 2009