rmcemwan...
To make a simple answer, yes. Sale price does affect assessed value, indirectly.
This is happening all over the state right now. For the last several years, home prices were WAY above assessed value. For that reason, many agents didn't include the assessed value on the listing sheets (people foolishly questioned "Why doesn't the town think my house is worth X amount??" Now the reverse is true, and you'll see on many listing sheets "Priced well under assessed value". The two values don't have much to do with each other... I know that in many towns, they are basing assessments on home sale price data from April 2004 to April 2005 (which happens to be the HIGHEST SALES PRICES)!! Coincidence? I don't think so...
You can go for an abatement, just be careful with the dates. Most towns have limits on when you can file for an abatement (usually after you've paid your year-end tax bill, but before March 1 the following year, a 3-month window. You *may* get an abatement, you may not. Depends on the whimsy of the town tax office...
Your real estate professional really should explain this to you
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Tax Assessments (Durham)
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