I realize that most in most towns if you buy something assessed at $2500 but pay?

$5000 for it,then the town will assess it at $5000. I don't like it but it makes sense. But is the reverse also true?
If you buy something assessed at $5000 but pay $2500 for it, does the assessment go down? I've always wondered that and the town assessor only works on Fridays.

Answer:
Here where I live they will raise assesment to the higher price when you paid it but will not lower it if you pay less. To lower assesment you have to go to town hall and apply for an assesment reduction. Its a ripoff system. They may lower your assesment or they may not.
`In most locations assessed value and market value have little to do with each other.
Yes, that worked where I live. When we bought our house for less than the tax assessment our assessment went down.

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