Property Tax Assesment Question (sale, new home, purchase)

[mihikam05]

For a new home if the builder says the price is 300,000 and then reduces it to say 275,000 and purchase is completed. How are the taxes assesed by county?
By the sale price(or purchase price) or the county makes their own assesment and comes to conclusion its worth $300,000 and calculates tax for that amount.

This is in Union County,

Also is there any break for property tax in the first year, i know one state where they would assess the land only for the remaining year when calculating property taxes.

-Thank you

[Weedydidi]

I bought in Mecklenburg, so I can't speak for Union, but I do know that we were taxed primarily for the land our first year. I believe they pro-rated them and since we closed in October, we only had a couple of months where we paid tax on the building.

We were also taxed on the purchase price.

[mihikam05]

thank you
any one know answer for property tax asessment?

[LKN Native]

The county will come out and make their own assessment. Purchase price and tax value are rarely the same.

[mihikam05]

Is it less most of the time? is it significantly low? like say for $300,000 house is it safe to assume the county assesment comes to 250,000?
(50,000 difference)