Do taxes change based on purchase price?

[Jared Paul]

Hello Everyone!

I am in the process of closing on my first multi-family property in the next couple weeks and I am about to put in an offer on a second.

I was curious about what/if there is any change to the tax rates on properties if the purchase price of a property is different than the assessed value of the property.  i.e. - If you purchase a property that was renovated and the current taxes are based off of the assessed value (original purchase price prior to rehab), will the taxes shoot up and be based off of the most recent purchase price?  And vice versa, if you are able to somehow negotiate down in price and purchase for below the assessed value, could you get the taxes decreased?

Thank You!

Jared