I just bought my house. Should the value match what I paid for it?

I just bought my house. Should the value match what I paid for it?

Properties are assessed at fair market value, which means the most probable price a property would bring in a competitive and open market. This assumes the buyer and seller are both knowledgeable and not under any compulsion to complete the transaction.

Sales through foreclosure, short sales, and transactions between family members or related corporations are examples of sales that are not "fair market." Different buyers may be willing to pay slightly more or less for the same home, so your value may not match exactly. If you bought your house after January 1, 2024, there may be a difference in value due to appreciation or depreciation in the market for that neighborhood.