Cleveland property tax assessment after a sale

[Brian Burke]

I’m researching how property taxes are calculated in Cuyahoga County as I’m working on a purchase in the Cleveland area and I’m finding a straight answer is harder to come by on the County website than I expected. 

I understand property “market values” used in calculating property taxes are assessed every three years through a County appraisal process. However, does an actual arm’s length transaction immediately (or almost immediately) trigger the increase in market value when taxes are assessed?

In other words, if the current tax bill shows a property’s market value at $60,000, and I purchase it for $100,000, will taxes be assessed based up on the $100,000 value? Does a transaction matter or is it all the 3 year appraisal process?