Is property tax assessment usually 1/6th-1/10th of listing price?

New to this world and to real estate, TIA for all your help.

Where I live, a typical $1M, 3-bedroom house has “total assessments” of ~$200k. From what I’ve read online that’s how much the government thinks the total property is worth… 1/5 of the listing price???

Here’s an example home. And another one. And a 1/10 $2M one! And 1/7 on land. Many more examples if you look around.

I read this article but I hope we’re not talking about the same thing..

We did see a massive increase in prices here (3-4x+), which could explain it??? If so, how do I keep my property from tax assessing at a higher price when I do buy? Prices are starting to come down!

submitted by /u/TotalZillowAddict
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New to this world and to real estate, TIA for all your help. Where I live, a typical $1M, 3-bedroom house has “total assessments” of ~$200k. From what I’ve read online that’s how much the government thinks the total property is worth… 1/5 of the listing price??? Here’s an example home. And another one. And a 1/10 $2M one! And 1/7 on land. Many more examples if you look around. I read this article but I hope we’re not talking about the same thing.. We did see a massive increase in prices here (3-4x+), which could explain it??? If so, how do I keep my property from tax assessing at a higher price when I do buy? Prices are starting to come down! submitted by /u/TotalZillowAddict [link] [comments]

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