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What will be my property tax in Orange County, CA for a home purchased way below the current market value?

I am going to purchase a foreclosed home in Orange County, CA. The home has an estimated market value of $550K. If I purchase the home for much less than that, let's say $400K, will my property tax be based on the purchase price or the market value? Assume the home will appraise at $550K.

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I think if the buy price is lower than this means the house is worth on the current market what a buyer is willing to pay. Appraisal is based on what buyers are willing to pay for the property not an opinion of an appraiser.

You should get cheaper property taxes.

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