I asked this before but i did not understand the answer. So I am posting again. Please try to answer. Any help is appreciated.

This house I am tyring to buy paid $9k in taxes in 2010 and has a $702k in tax assesment and I understand what the $9k in taxes means.

What does the $702k in tax assessment means ? Does that mean I have to pay $702k? Since the house is being sold for $275k what does the $702k in tax assesment mean?

That means the annual real estate taxes are based on a value of $702,000 . . . . so, in that area, you must have a Tax Rate of approximately $1.28 per Hundred Dollars of valuation, probably expressed as $0.01282051;

or $0.0128 X $702,000 = (roughly) $9000.00.

If you succeed in making the purchase at $275,000, then you might file a grievance and ask the Assessors to consider reducing the assessment (not retrospectively) to something more in line with whatever your purchase price turns out to be; so that the annual property taxes might then be more on the order of:

$0.0128 X $275,000 = $3520.00.

But don't expect them to respond immediately as everyone wants their assessments lowered, and they still have to meet their budgets. So as assessments are lowered, the tax rate ($1.28) will probably have to be raised to produce the same revenue.

Does that clear it up . . . . or make it more confusing ?

The assessment is irrelevant for your purposes. The property tax assessment will automatically be reset to whatever purchase price you pay for it. In LA county, the taxes will be about 1.25% of the purchase price per year.

I am a local tax assessor in my county. What Vermont is saying is true and accurate. You need to file a property return usually before March 15th of any calendar year and the assessors will go out and re-evaluate. Good luck to you!

JakobHarper is not familiar with California assessments. There is nothing to file here.