I am moving to Katy at the end of the year and will purchase a house in cinco ranch/grand lakes area. The property tax rate is very high there, so I want to save as much as tax as possible. Here are my questions:
1. How are new constructions appraised for property tax? Does the county appraise based on selling price? For example, if the base price for house is 300k, then I addded 30k options/upgrades to it, does that mean I will pay tax on 330k? It seems paying higher taxes on tile choices is not fair.
2. I looked up appraised value for pre-owned homes there (my price range is 250k-350k), most homes are selling about 50k above the appraised price, once I purchased the home, will the appraised value change to the price I paid for?
Thanks everyone for helping out.