YARET

[Eos]

Seems like the answer would be fairly simple, but we are new to real estate.

Our house was built last fall.
We moved in December 4, 2006.
We paid $191,100.

Today we received an "Assessor's Notice of Change of Value" mailing.
Info from the mailing:

"Assessed 2007 for taxes payable in 2008"

"Previous Fair Market Value - 2006: Land - $26,500"

"New Fair Market Value - 2007: Land - $26,500 - Building, etc. - $141,410 Total - $167.910"

"Previous Current Use Value" - empty

"New Current Use Value" - empty

What does this info mean, please?
Did we pay too much?

 

[Whoozyerdaddy]

You received a tax assessment. Nothing more nothing less. Typically TA's are lower than actual value to keep you from protesting your assessment. (PITA for them)

It has nothing to do with fair market value. They are telling you that your house is going to be taxed based on the value they have assigned to it.