Market value is based on the assessed value of that property in the market when the taxes are being assessed. If you buy a property this year, you will continue to have the property taxed at the current owners tax rate and then next year it would convert to be about 2.2% of the market value.
If it will be a primary residence, then $50,000 would be deducted before you are taxed. If you currently own a primary home and are moving to another primary home, you would be wise to use the portability transfer also, which saves you a lot in taxes.
I hope I have assisted a little. Please contact me if you are not working with another Realtor and I can assist you with anything related to Real Estate.
Lynne Hale - Broker Associate, CRS, e-Pro, CIPS
Century 21 Hansen Realty Inc