Tax assessment impact - Planning to buy a rehabbed MFH

[MV Reddy]

Hi,

I'm planning to buy a property that has been rehabbed couple of years back. Here is the scenario -

1.  The property was initially purchased at $200K back in 2008. The property taxes at that point were around $3000.

2. It was completely rehabbed inside out (plumbing, electrical, floors, bathrooms, kitchen everything) in 2010. The property taxes increased from $3000 to $5000 in 2011.

3. The market price of this property as of today, based on the long rental history (since 2011) is around $800K.

My question is, will there be any impact on property tax assessment if I buy this property for $800K? There is a big jump in the value of the property from $200K to $800K, since its last sale. As of now, I'm only baking in $5000 in my calculations and I need guidance if I need to account for the bump (if any). This will be a deal breaker as it will impact the Cap rate. 

I'm planning to call the County office to get more details next week but wanted to tap on to the infinite intelligence (those who read Napoleon Hill, you know what I'm talking about) here at BP.

I will really appreciate your response.

Regards,

MV