Do property taxes increase with new sales price?

[Alex Flaugher]

I was recently analyzing a property for a potential rental. This was a single family home and I saw that it was last sold in 2005 for roughly $50k. The owner of the house recently (2016) did a complete renovation and updated the house. The house is now for sale for $150k (2017).

Property taxes on the house for the year 2016 were $600. If the property is sold for $150k will this cause the property taxes to go up or will they remain similar to the prior year?

Appreciate any feedback.

Thanks!