QUOTE (NorthSideSox72 @ May 8, 2009 -> 12:46 PM)
Correct, the assessed value is what they use, and that may or may not be the same as what you bought it at.
Issue here is, it depends where you are. In the City of Chicago and Cook County, its goofy as well, and not easily predictable. Suburbs are different, counties are different, states are different.
So where are you located?
I'm in Montgomery, Kane county.
The way she explained it at the time was that the house would be reassessed at the purchase price, however I could have misunderstood and have not been able to reach her to ask.