Guide
Does a sale trigger a property-tax reassessment? Rules by state.
Last updated September 2026 · Derived from the rules registry the Rolling Basis estimate engine runs on
Only 7 of the 51 jurisdictions Rolling Basis models (all 50 states plus DC) reassess commercial property because it sold: Alabama, Arkansas, California, Florida, Michigan, Oklahoma, South Carolina. Everywhere else, the assessor values property on its own cycle or by statutory formula, so a sale is evidence rather than a trigger, and the buyer's tax moves only as fast as the next reappraisal.
A frequent underwriting mistake is assuming the buyer’s tax bill resets to the purchase price everywhere, or nowhere. It depends on the state’s reassessment mechanic. The table below classifies every jurisdiction, and each state section cites the statute. It covers real property under commercial ownership; homestead rules, business personal property, and local exemptions are out of scope. This is not legal or tax advice.
What are the reassessment archetypes?
- Resets to purchase value (2): A change of ownership sets a new assessed value at roughly the purchase price, then a statutory cap limits growth.
- Sale removes the seller's cap (5): The seller's capped assessed value jumps to full market value on transfer; the sale removes a cap the seller had accrued.
- Annual market value, no sale reset (41): No transfer trigger. The assessor carries the parcel at market value on its own cycle; a sale is evidence it may use at the next reappraisal, not a statutory step-up.
- Statutory formula, no sale reset (3): No transfer trigger, and value is decoupled from price: a statutory formula drives the taxable base, which a sale does not re-anchor.
Which states reset on sale? The full table
| State | Resets on sale? | Assessment ratio | Commercial growth cap |
|---|---|---|---|
| Alabama | Yes | 20% | 7%/yr |
| Alaska | No | 100% | None |
| Arizona | No | 15.5% | 5%/yr |
| Arkansas | Yes | 20% | 10%/yr |
| California | Yes | 100% | 2%/yr |
| Colorado | No | Varies (25% typical) | None |
| Connecticut | No | 70% | None |
| Delaware | No | 100% | None |
| District of Columbia | No | 100% | None |
| Florida | Yes | 100% | 10%/yr |
| Georgia | No | 40% | None |
| Hawaii | No | Varies (100% typical) | None |
| Idaho | No | 100% | None |
| Illinois | No | Varies (25% typical) | None |
| Indiana | No | 100% | None |
| Iowa | No | 90% | None |
| Kansas | No | 25% | None |
| Kentucky | No | 100% | None |
| Louisiana | No | Varies (15% typical) | None |
| Maine | No | Varies (100% typical) | None |
| Maryland | No | 100% | None |
| Massachusetts | No | 100% | None |
| Michigan | Yes | 50% | 5%/yr |
| Minnesota | No | Varies (2% typical) | None |
| Mississippi | No | 15% | None |
| Missouri | No | 32% | None |
| Montana | No | 1.9% | None |
| Nebraska | No | 100% | None |
| Nevada | No | 35% | ~8%/yr on the tax bill |
| New Hampshire | No | Varies (100% typical) | None |
| New Jersey | No | Varies (100% typical) | None |
| New Mexico | No | 33.33% | None |
| New York | No | Varies (45% typical) | None |
| North Carolina | No | 100% | None |
| North Dakota | No | 5% | None |
| Ohio | No | 35% | None |
| Oklahoma | Yes | Varies (11% typical) | 5%/yr |
| Oregon | No | 100% | 3%/yr |
| Pennsylvania | No | Varies (100% typical) | None |
| Rhode Island | No | Varies (100% typical) | None |
| South Carolina | Yes | 6% | 15% per 5-year cycle (voided by the sale) |
| South Dakota | No | Varies (85% typical) | None |
| Tennessee | No | 40% | None |
| Texas | No | 100% | None |
| Utah | No | 100% | None |
| Vermont | No | Varies (100% typical) | None |
| Virginia | No | 100% | None |
| Washington | No | 100% | None |
| West Virginia | No | 60% | None |
| Wisconsin | No | 100% | None |
| Wyoming | No | 9.5% | None |
How does each state handle a sale?
Alabama: resets on sale
While held: Class II/III real property's taxable assessed value is capped at 7%/yr growth (Act 2024-344/HB73, base year 10/1/2024, first collected 10/1/2025). A change of ownership REMOVES the cap — the parcel resets to full true (ratio-applied) assessed value the tax year after the sale; exceptions for spousal/family no-consideration transfers, death, and foreclosure/tax-lien redemption.
Source Code of Ala. §40-8-1 (classification/ratios, Amendment 373); §40-7-2.2 + Ala. Admin. Code r. 810-4-1-.28 (Act 2024-344/HB73 7% cap + ownership-change removal); ALDOR '7% Cap Information — HB73' page; Alabama Personal Property Appraisal Manual (FF&E, Class II, uncapped).
Alaska: no sale reset
No sale reset: AS 29.45.110 requires the Anchorage Municipal Assessor to value every parcel at 100% of full and true (open-market) value as of Jan 1 each year; a sale feeds the next annual roll as market evidence, it does not itself trigger a step-up.
Source AS 29.45.110 (Full and true value); Anchorage Municipal Code Ch. 12.15 & 12.10; muni.org Property Appraisal.
Arizona: no sale reset
No sale reset: primary tax runs off the Limited Property Value, capped at 5%/yr growth (Prop 117), assessed at 15.5% for Class 1 commercial (→15% in 2027). A purchase does not re-anchor LPV to price; the buyer inherits the seller's capped value.
Source AZ Prop 117 / ARS §42-13301 (LPV 5% cap); §42-15001 & SB1093 (Class 1 ratio).
Arkansas: resets on sale
A sale removes the Amendment 79 cap: under Ark. Code Ann. §26-26-1123(a), the assessor assesses the parcel at the full 20% of appraised value at the next assessment date after transfer, instead of the capped (≤10%/yr for non-homestead) trajectory toward full value. The new owner is also denied cap protection for one more cycle — no limitation may be claimed until the SECOND assessment date after transfer (§26-26-1123(b)).
Source Ark. Const. Amdt. 59 (20% assessment ratio); Ark. Const. Amdt. 79 (5% homestead / 10% non-homestead annual cap on reappraisal increases); Ark. Code Ann. §26-26-1122 (assessed value definition), §26-26-1123 (sale of real property removes the cap; second-assessment-date rule).
California: resets on sale
Change in ownership sets a new Prop 13 base year value at full cash value (≈ purchase price), assessed at 100% and capped at 2%/yr thereafter — real property only (FF&E on the annual 571-L; intangible/going-concern value excluded).
Source CA Prop 13 (Cal. Const. art. XIII A); RTC §§60–64, 110.1, 51; intangibles per Elk Hills Power (2013) & SHC Half Moon Bay (2014).
Colorado: no sale reset
No sale reset: biennial reappraisal to actual value (odd years), assessed at the nonresidential rate 27% (2025) → 25% (2026+) per SB24-233. A sale is a comparable, not a trigger.
Source CO SB24-233 (nonresidential assessment rate 27%→25%); biennial reappraisal (odd years, June 30 date).
Connecticut: no sale reset
No sale reset — and it's explicit: §12-63d bars an assessor from reassessing a parcel solely on its sale price between revaluations. Assessed at 70% of fair market value (§12-62a), with a town-wide revaluation every 5 years (§12-62; physical inspection required at least every 10 years). A purchase only feeds into the town's next scheduled revaluation as one comparable among many, not an immediate step-up.
Source Conn. Gen. Stat. §12-62a (70% assessment ratio), §12-62 (5-yr revaluation cycle, 10-yr physical inspection), §12-63d (bar on sale-price-based interim reassessment, PA 88-321), §12-62c (municipal option to phase in revaluation increases over up to 5 yrs), §12-41 (annual personal property declaration).
Delaware: no sale reset
No sale reset, ever: real property is assessed at present fair market value (9 Del. C. §8306(a)) and reassessed county-wide on a statutory cycle (now at least every 5 years), not at transfer. All three counties let assessments go stale for 40-50 years (New Castle 1983, Kent 1987, Sussex 1974) until a 2020 Court of Chancery ruling found that unconstitutional; Kent reassessed for 2024, New Castle and Sussex for 2025, all newly at market for the first time in decades. The next value change comes at the county's next mandated reassessment (or a permit-triggered pickup for new construction/improvements), not at your closing.
Source 9 Del. C. §8306(a) (true-value/fair-market-value standard, as amended); In re Del. Pub. Sch. Litig., 239 A.3d 451 (Del. Ch. 2020) (Delawareans for Educ. Opportunity v. Carney); New Castle County, Kent County, and Sussex County reassessment FAQ/notice pages (2024-2025 completion); Delaware HB 62 (5-year reassessment cycle).
District of Columbia: no sale reset
No sale reset: OTR reassesses annually to 100% estimated market value (§47-820). A sale is evidence for the next assessment, not a trigger; Class 2 commercial carries no assessment cap, so the base tracks market each year.
Source D.C. Code §47-820 (annual assessment at estimated market value), §47-812 (tiered Class 2 commercial rates), §47-813 (property classes), §47-1508/DC Form FP-31 (separate business personal-property tax).
Florida: resets on sale
Change of ownership removes the 10% non-homestead cap; property reassesses to real-property just value the following Jan 1 (FF&E on the separate TPP roll, business value excluded).
Source FL reset mechanic: change-of-ownership removal of the 10% non-homestead assessment cap (Fla. Const. art. VII §4; §193.1554–1556, F.S.).
Georgia: no sale reset
No sale reset: appraised at FMV each Jan 1, assessed at 40% (§48-5-7). A sale is strong evidence the county will revalue near the price, but the pre-2025 sale-price ceiling was repealed by HB 581 — value is uncapped for commercial.
Source O.C.G.A. §48-5-7 (40% ratio), §48-5-2 (FMV); HB 581 (2024) repealed the sale-price cap eff. 1/1/2025.
Hawaii: no sale reset
No sale reset: county mass appraisal to 100% FMV each year; a sale feeds the model, not a reset. Rate is set by CLASS — Hotel/Resort (and Maui/Kauai tiered short-term-rental) rates run well above generic commercial.
Source County real property ordinances (Honolulu ROH §8; Maui/Hawaii/Kauai codes); HI abolished personal property tax 1947.
Idaho: no sale reset
No sale reset: assessed annually at market value each Jan 1 (§63-205), with every parcel appraised or indexed each year and a full physical reappraisal at least once every 5 years (§63-314). Assessed at 100% of market — a sale is comparable-sales evidence the assessor may fold into the next annual roll, not an immediate trigger.
Source Idaho Code §63-205 (annual assessment at market value as of Jan 1), §63-314 (appraise-or-index annually; 5-year full-reappraisal cycle), §63-208 (assessor valuation rules; the statute's 90%-110% band is a ratio-study accuracy/equalization standard, NOT a fractional assessment ratio), §63-602KK and §63-602G (personal-property and homeowner exemptions, see caveats).
Illinois: no sale reset
No sale reset: Cook reassesses on a triennial cycle (downstate quadrennial); a sale is evidence, not a trigger. Commercial assessed at 25% of market (Cook), then × the state equalization multiplier (~2.9×) to reach EAV before millage.
Source Cook County classification ordinance (25% commercial LOA) + IDOR state equalization multiplier; downstate 33.33% (35 ILCS 200).
Indiana: no sale reset
No sale-triggered step-up: assessed at 100% of market value-in-use (IC 6-1.1-4), trended ANNUALLY from countywide sales-ratio studies (IC 6-1.1-4-4.5) with a rolling 4-year cyclical reinspection (IC 6-1.1-4-4.2) — value tracks market more continuously than most annual_market states, but a transfer itself does not reset it. Commercial real property tax is capped at 3% of gross AV (Ind. Const. Art. 10 §1; IC 6-1.1-20.6), often the binding constraint in high-rate districts.
Source IC 6-1.1-4 (assessment); IC 6-1.1-4-4.5 (annual trending); IC 6-1.1-4-4.2 (4-year cyclical reassessment); IC 6-1.1-20.6 & Ind. Const. Art. 10 §1 (3% circuit breaker); IC 6-1.1-3 & 6-1.1-3-7.2 (business personal property, $80k exemption).
Iowa: no sale reset
No sale reset: real property is assessed at 100% of actual value and reassessed every two years in odd-numbered years (Iowa Code §441.21), with a sale only informing the next cycle. Taxable value = assessed value × the commercial/industrial rollback, a statewide percentage set by DOR — fixed at 90% since 2014 (SF 295, 2013), not recalculated per parcel and not triggered by any individual transfer.
Source Iowa Code §441.21 (assessment limitation / rollback, biennial reassessment); 2013 SF 295 (commercial/industrial rollback reform, effective 2014); Iowa DOR annual rollback certification (2025 residential rollback ≈44.53% cited for contrast — commercial/industrial is the flat 90%, not this recalculated figure).
Kansas: no sale reset
No sale reset: county appraiser reassesses to fair market value ANNUALLY (K.S.A. 79-1476, 79-1460) with a mandatory physical reinspection at least once every 6 years. A sale is ratio-study evidence, not a reset trigger. Commercial/industrial real property is assessed at 25% of appraised value (Kan. Const. Art. 11 §1, Subclass 6).
Source Kan. Const. Art. 11 §1 (Class 2 Subclass 6 commercial 25%); K.S.A. 79-1476, 79-1460 (annual reappraisal); K.S.A. 79-223 (post-6/30/2006 commercial M&E exemption).
Kentucky: no sale reset
No sale reset: Ky. Const. §172 requires assessment at 100% of fair cash value EVERY year (KRS 132.220 sets the Jan 1 date; KRS 132.690 requires annual PVA revaluation, with only the physical walk-through inspection on a 4-year cycle). A sale is evidence for the current/next annual roll, not a transfer-triggered step-up.
Source Ky. Const. §172 (fair cash value); KRS 132.220 (annual assessment date); KRS 132.690 (annual revaluation, quadrennial physical inspection).
Louisiana: no sale reset
No sale reset: value holds at the parish's ≤4-year reappraisal (La. Const. art. VII §18(F)) until the next cycle. Land assessed at 10%, commercial improvements at 15% of FMV (§18(B)); a sale is evidence for the next cycle, not a step-up.
Source La. Const. art. VII §18(B),(F); La. R.S. 47:2321-2323 (FMV/income approach); Orleans single assessor since 2007.
Maine: no sale reset
No sale reset: municipalities assess real property at just value each April 1 (36 M.R.S. §701-A); a sale is evidence (via the transfer-tax declaration of value) that feeds the town's own revaluation cycle, not a statutory trigger. Each town's certified ratio (assessed ÷ just value) must stay between 70% and 110% (§327), but there is no fixed statewide reval calendar — some towns run current, others are years stale.
Source 36 M.R.S. §701-A (just value defined), §327 (minimum assessing standards / 70–110% certified-ratio band), §691–700-B (BETE); Me. Const. Art. IX §8 (uniform taxation).
Maryland: no sale reset
No sale reset: reassessed on a triennial (3-year) cycle by region at 100% of full cash value (SDAT), with assessment increases phased in equally over the 3 years. A sale does not trigger a reset.
Source Md. Tax-Property Article (triennial reassessment; 100% full cash value; 3-year phase-in of increases; Homestead cap is residential-only).
Massachusetts: no sale reset
No sale reset: assessed at 100% of full and fair cash value every Jan 1 (M.G.L. c.59 §38); a sale is evidence, not a trigger. Prop 2½ caps the municipality's total levy, not any parcel's value.
Source M.G.L. c.59 §38 (annual 100% FCV), §21C (Prop 2½ levy cap), §5C (classification / split rate).
Michigan: resets on sale
A transfer of ownership (MCL 211.27a(6)) uncaps the parcel; the following year taxable value resets from the seller's capped value up to State Equalized Value (SEV = 50% of true cash value). FF&E stays on the separate personal-property roll; intangible/going-concern value is excluded from true cash.
Source MI Proposal A: Mich. Const. art. IX §3 (assessment ≤ 50% of true cash value); MCL 211.27a (taxable-value cap at lesser of 5%/CPI, uncapped on transfer of ownership).
Minnesota: no sale reset
No sale reset: assessed annually at 100% of market value as of Jan 2 (§273.01/§273.11) on the county's own cycle; a sale is evidence for the next roll, not a trigger. Market value converts to 'net tax capacity' via a tiered class rate (§273.13 subd. 24) — 1.5% of the first $150,000 + 2.0% of the remainder — then the local 'tax capacity rate' (§275.08) applies to net tax capacity, not market value; that rate commonly exceeds 100% in high-levy cities (live-verified ~173% for downtown Minneapolis).
Source Minn. Stat. §273.13 subd. 24 (class rate); §273.01/§273.11 (Jan 2 assessment, 100% EMV); §275.08 (local tax capacity rate); Ch. 272 (taxable-property scope, no general business personal property).
Mississippi: no sale reset
No sale reset: Class II commercial real property is assessed at 15% of true value (Miss. Const. Art. 4 §112; §27-35-4) and revalued on a rolling four-year county update cycle (35 Miss. Admin. Code Pt. VI §6-02-06-301; §27-35-165), not on transfer. A sale is evidence the assessor may weigh at the next cycle update, not an automatic step-up to price.
Source Miss. Const. Art. 4 §112 (class ratios); Miss. Code §27-35-4 (rates of assessment); §27-35-165 (reappraisal plan approval/oversight); 35 Miss. Admin. Code Pt. VI, Subpt. 02, Ch. 06, R. 6-02-06-301 (four-year update cycle); §27-39-321 (jurisdiction-level levy cap, distinct from an assessment cap).
Missouri: no sale reset
No sale reset: reassessed to market on a biennial odd-year cycle (§137.115), commercial assessed at 32% of true value. A sale is evidence for the next cycle, not a trigger.
Source Mo. Rev. Stat. §137.115 (biennial cycle; 32% commercial Subclass 3), §137.016; Mo. Const. art. X §4(b) classification, §§16-24 Hancock levy rollback.
Montana: no sale reset
No sale reset: Class Four real property reappraised to 100% market value on a statutory 2-year cycle (§15-7-111), assessment date Jan 1. A sale is evidence the assessor may weigh at the NEXT biennial cycle, not a step-up trigger. The class rate (§15-6-134) — 1.5% on value below 6x the statewide median commercial/industrial value, 1.9% on the excess — is applied directly to market value to yield taxable value; Montana has no separate assessment-ratio-plus-nominal-millage split the way most states do.
Source Mont. Code Ann. §15-7-111 (biennial reappraisal cycle, in place since TY2015), §15-6-134 (Class Four commercial/industrial rate, as amended by 2025 HB 231 / SB 542), §15-6-138 (Class Eight business equipment); Lincoln Institute of Land Policy, 50-State Property Tax Comparison Study (taxes paid 2025, Billings MT).
Nebraska: no sale reset
No sale reset: real property is valued at 100% of actual (market) value as of Jan 1 each year by the county assessor (§77-201, §77-112), with the assessment roll due by Mar 19 (or Mar 25 in larger counties) (§77-1301/-1311). TERC reviews each county's annual sales-ratio study and requires the median ratio to sit within 92%–100%. A sale feeds that ongoing equalization process as evidence — it is not a statutory reassessment trigger.
Source Neb. Rev. Stat. §77-201 (real property taxed at actual value; ag/hort land at 75% — not applicable to commercial), §77-112 (actual value = market value, professionally accepted mass appraisal methods), §77-1301/-1311 (Jan 1 assessment date; annual assessment roll deadline), TERC annual assessment/sales-ratio equalization (Neb. Rev. Stat. ch. 77, art. 5; 350 Neb. Admin. Code ch. 50).
Nevada: no sale reset
No sale reset: taxable value is land + depreciated replacement cost, assessed at 35% (NRS 361.225/.227). A purchase does not re-anchor value to price; it can reset the ~8% tax-bill abatement, so year-one tax may jump toward the un-abated amount.
Source NRS 361.225 (35% ratio), 361.227 (taxable value), 361.4722 (abatement).
New Hampshire: no sale reset
No sale reset: each city/town reappraises real estate to full and true value at least every 5th year (RSA 75:8-a); between revals RSA 75:8 limits adjustments to an actual physical/zoning/ownership change to the property, not new sale-price information alone (Merrimack Premium Outlets v. Town of Merrimack, 2021). DRA tracks each municipality's median assessment-to-sale ratio annually and can order an earlier reval if it drifts outside the 90–110% target band.
Source RSA 75:8-a (five-year revaluation); RSA 75:8 as construed in Merrimack Premium Outlets, LLC v. Town of Merrimack, 174 N.H. 481 (2021); NH DRA Equalization Bureau annual ratio studies (90–110% target); NH DRA 2025 Municipal Tax Rates report.
New Jersey: no sale reset
No sale reset: assessed value nominally tracks 100% of true value as of the municipality's LAST REVALUATION/REASSESSMENT (N.J.S.A. 54:4-23) and holds until the next cycle; between revals it drifts from market, trued up only via the annual Director's Ratio/Chapter 123 equalization (tax-appeal use), not by a transfer. New construction gets a mid-year 'added assessment' (N.J.S.A. 54:4-63.2 et seq.) — a construction trigger, not a sale trigger.
Source N.J.S.A. 54:4-23 (true-value standard); N.J.S.A. 54:4-63.2 et seq. (added assessments); NJ Div. of Taxation Chapter 123 tables (Director's Ratio); Atlantic City casino PILOT — P.L.2016, c.5 (N.J.S.A. 5:12-173.1 et seq., 'Casino Property Tax Stabilization Act').
New Mexico: no sale reset
No sale reset for hotels/commercial property. NM's 3% valuation-growth cap (§7-36-21.2) applies only to residential property by its own title and text; non-residential property carries NO cap and must be valued at current market value every year, assessed at the statewide 33-1/3% ratio (§7-37-3). The residential transfer-declaration affidavit requirement (§7-38-12.1) is also residential-only, so a hotel sale isn't automatically reported to the assessor the way a home sale is — but assessors independently reappraise commercial parcels via standard appraisal methods, so price is evidence at the next valuation cycle, not a step-up event.
Source NMSA 1978 §7-36-21.2 (residential-only 3% cap — see the section's own title); NMSA 1978 §7-37-3 (33-1/3% tax ratio, all classes); NMSA 1978 §7-38-12.1 (transfer affidavit, residential property transfers only); Santa Fe County Assessor FAQ (confirms non-residential is excluded from the 3% limitation and valued at market annually); Bernalillo County non-residential catch-up reassessment reporting (Commercial Association of Realtors NM, 2024–2025) documenting average ~47% and individual >700% single-year non-residential increases — evidence no cap constrains commercial value.
New York: no sale reset
No sale reset (selective reassessment is prohibited). NYC Class 4 market value is income-derived (RPIE NOI ÷ cap rate), assessed at 45%, with assessment increases PHASED IN over 5 years — the purchase price is not the basis.
Source NYC DOF Class 4 (45% ratio, income approach, 5-yr phase-in); NY RPTL uniform-percentage assessment; selective-reassessment prohibition.
North Carolina: no sale reset
No sale reset: value is set at the county's 4–8 year reappraisal and frozen between cycles (§105-286/-287); a sale is not a change ground. Assessed at 100%. Stale value snaps to full market — uncapped — at the next reval.
Source N.C.G.S. §105-286 (octennial reappraisal), §105-287 (no mid-cycle market change), §105-283/-284 (100% true value).
North Dakota: no sale reset
No sale reset: real property is valued at true and full (market) value annually as of Feb 1 (§57-02-11), reviewed by local and county boards of equalization. §57-02-27 sets assessed value at 50% of true and full value, then applies a 10% taxable-valuation percentage for commercial/other property (9% residential) to reach the taxable base — a combined 5% of market. A sale is evidence at the next annual valuation, not a statutory trigger.
Source N.D. Cent. Code §57-02-11 (Feb. 1 assessment date, annual valuation), §57-02-27 (50% assessed value; 10% commercial / 9% residential taxable-valuation percentage), §57-02-08(25) (1969 Session Laws ch. 528, eff. 1970 — general personal property exempt from assessment).
Ohio: no sale reset
No sale reset: value holds at the county's 6-year sexennial reappraisal (ORC 5713.01) plus a 3rd-year triennial update (ORC 5715.33) until the next cycle. ORC 5713.03 limits a mandatory value change to those reappraisal/update years — a sale is evidence for the NEXT cycle, not an automatic step-up. Assessed at 35% of true value.
Source ORC 5715.01(B) / OAC 5703-25-05(B) (35% ratio); ORC 5713.01 (sexennial reappraisal); ORC 5715.33 (triennial update); ORC 5713.03 (no mandatory value change outside reappraisal/update years).
Oklahoma: resets on sale
Change of title removes the 5% fair-cash-value cap (Okla. Const. art. 10 §8B); the property reassesses to full fair cash value the following Jan 1, assessed at the county ratio (~11%).
Source Okla. Const. art. 10 §8B (5% cap, removed on transfer of title; implemented by 68 O.S. §2817.1) and §8 (11–13.5% real-property assessment ratio, frozen by SQ 675/1996).
Oregon: no sale reset
No sale reset: Measure 50 (ORS 308.146) caps Maximum Assessed Value (MAV) at +3%/yr regardless of ownership change; taxable Assessed Value (AV) = lesser of RMV and MAV. Only new construction, subdivision/partition, rezoning-with-use-change, omitted property, exemption disqualification, and lot line adjustments reset MAV — a change of ownership is explicitly not among them (ORS 308.146(3)). A purchase does not re-anchor AV to price; year-one tax follows the inherited, capped MAV.
Source ORS 308.146 (MAV/AV determination + reset-event list); OAR 150-308-0100 (MAV on property-class change); Oregon DOR Maximum Assessed Value Manual (150-303-438); Multnomah County DART parcel roll (ROLLM50 field).
Pennsylvania: no sale reset
No sale reset: Philadelphia (AVI) assesses at 100% of market value, reassessed on citywide cycles; a sale is evidence, not a trigger — though the City/School District may file a reverse appeal toward a recent sale price.
Source PA First Class County Assessment Law (72 P.S. §5341.1 et seq.); Philadelphia Actual Value Initiative; PA Const. art. VIII §1 (uniformity).
Rhode Island: no sale reset
No sale reset: assessed at full and fair cash value (or a uniform % thereof, ≤100%) on a municipal 9-year full-revaluation cycle with statistical updates at years 3 and 6 (§44-5-11.6, §44-5-12), as of Dec 31 of the last update/reval; a sale is evidence for the next cycle, not an immediate trigger.
Source R.I. Gen. Laws §44-5-11.6 (9-yr revaluation / 3-yr statistical update cycle), §44-5-12 (full and fair cash value, or uniform % thereof ≤100%), §44-5-15 (annual tangible personal property account); RI Division of Municipal Finance, FY2026 Tax Rates by Class of Property (tax roll year 2025, assessment date 12/31/24).
South Carolina: resets on sale
Sale is an Assessable Transfer of Interest: property re-benchmarks to full FMV (§12-37-3140), voiding the seller's 15%/5yr cap. Commercial assessed at 6% (§12-43-220); a 25% ATI exemption (§12-37-3135) applies to the base if timely claimed.
Source SC Code §12-37-3140 (ATI reset), §12-37-3135 (25% ATI exemption), §12-43-220 (6% commercial / 10.5% BPP), §12-37-3150 (>50% entity trigger).
South Dakota: no sale reset
No sale reset: county DOE mass-appraises every parcel at full and true (market) value each Nov. 1 (SDCL 10-6-119), then the director adjusts valuations so the median assessment-to-market ratio is at least 85% (SDCL 10-3-41) — full/true value × 0.85 = taxable value. A sale's deed filing feeds the county's ongoing market analysis, not an immediate step-up.
Source SDCL 10-6-119 (full and true value, formerly Sec. 10-6-33), SDCL 10-3-41 (85% median level of assessment), SDCL 10-6-154 (assessment notices); SD Dept. of Revenue "Property Tax 101" and "Property Tax Information Guide 2025" (dor.sd.gov).
Tennessee: no sale reset
No sale reset: value holds at the county's 4/5/6-year reappraisal until the next cycle (§67-5-801), assessed at 40%. A sale does not disturb it — a high purchase can sit on a stale low assessment until the next reappraisal, then step up.
Source TCA §67-5-801 (40% commercial real; 30% commercial personal property); county 4/5/6-year reappraisal cycles.
Texas: no sale reset
No sale reset: appraised at market value each Jan 1 (§23.01), assessed at 100%, no commercial cap. Non-disclosure means value doesn't auto-chase your price, but districts ingest sale data and can move it up; defend with an equal-and-uniform appeal (§42.26).
Source Tex. Tax Code §23.01 (market value), §25.18 (reappraisal cycle), §23.23 (homestead-only cap), §42.26 (equal & uniform).
Utah: no sale reset
No sale reset: assessed at 100% fair market value each Jan 1 (§59-2-103), values updated annually (§59-2-303) with a detailed on-site review of each parcel at least every 5 years under a state-approved cyclical plan (§59-2-303.1). Utah is a non-disclosure state — sale price isn't filed with the assessor, so a purchase feeds the roll only as comparable-sales evidence, not a step-up trigger.
Source Utah Code §59-2-103 (100% FMV assessment; residential-only 45% exemption), §59-2-102(13) (market value defined), §59-2-303 (annual update requirement), §59-2-303.1 (mandatory cyclical appraisals — 5-year detailed review), §59-2-1115 (personal property exemption threshold).
Vermont: no sale reset
No sale reset: towns list real property at 100% of fair market value (32 V.S.A. §3481) on the town's own reappraisal cycle (a full reappraisal at least every 6 years under Act 68 of 2023, historically also forced when a town's Common Level of Appraisal drifted outside its statutory band); a sale is evidence for the next reappraisal, not a trigger. The CLA — the town's Dept. of Taxes-measured ratio of listed grand list to true fair market value — divides into the statewide education rate, so a town assessing below 100% pays a higher nominal rate to net the same revenue per dollar of value; this affects the RATE, not just the base.
Source 32 V.S.A. §3481 (fair market/listed value definition); Act 68 of 2023 (reappraisal-trigger overhaul, 6-year cycle); Vt. Dept. of Taxes Equalization Study methodology and annual Education Property Tax Rate letters (CLA / statewide adjustment).
Virginia: no sale reset
No sale reset: reassessed to 100% FMV on the locality's cycle — annual in large cities, every 4–6 years in counties (§58.1-3252/-3253). A sale is evidence for the next reassessment, not a trigger.
Source Code of Va. §58.1-3201 (100% FMV), §58.1-3252/-3253 (reassessment cycles), §58.1-3500 (separate BPP), §58.1-1100 (intangibles segregated to state).
Washington: no sale reset
No sale reset: revalued annually to 100% market (RCW 84.40.030). A sale is evidence; values true up each year regardless. REET at closing is a separate transfer tax, not a reassessment.
Source RCW 84.40.030 (100% value), Ch. 84.41 (annual reval), Ch. 84.55 (district levy cap — not a value cap), Ch. 82.45 (REET, separate transfer tax).
West Virginia: no sale reset
No sale reset: county assessors value all property at 60% of current fair market value every year (W. Va. Code §11-1C-1), inside a rolling three-year parcel-by-parcel canvass with annual adjustments between visits (assessment date July 1, §11-3-1). A sale is evidence for the next annual adjustment, not a trigger — consistent with the Art. X §1 equal-and-uniform mandate.
Source W.Va. Const. Art. X §1 (equal & uniform taxation at true and actual value); W. Va. Code §11-1C-1 (60% assessment ratio, three-year canvass w/ annual adjustment); §11-3-1 (July 1 assessment date); WV Tax Division Property Tax Rates (Class III/IV maximum regular levies).
Wisconsin: no sale reset
No sale reset: assessors value real property at full/market value every year (§70.32); DOR requires each municipality's assessed/equalized ratio within 10% at least once per 4 years. A sale is market evidence only — value drifts toward price at the municipality's own reval cycle, not a transfer step-up. Assessment is MUNICIPAL, not county; City of Milwaukee reassesses annually.
Source Wis. Stat. §70.32 (full value); DOR 'Wisconsin's Equalized Values' (assessed/equalized ratio, 10%/4-yr rule); 2023 Wisconsin Act 12 / Wis. Stat. §70.111(27) (personal property tax repeal, eff. Jan 1, 2024 assessment).
Wyoming: no sale reset
No sale reset: assessor values ALL property at FMV every year (Wyo. Stat. §39-13-103(b)(x)), assessment date Jan 1. A sale is not a listed change ground — it's evidence feeding the next annual roll, not a step-up trigger. Commercial class assessed at 9.5% of FMV.
Source WY Const. Art. 15 §11 (commercial/industrial 9.5%); Wyo. Stat. §39-13-103 (annual valuation); 2024 Constitutional Amendment A + HB45 (4% cap — residential-only).
How do I apply this to a specific deal?
The state rule is only half the answer: the county’s current value, its millage, and how much of the price is real property (hotels carry a large FF&E and going-concern carve-out) decide the actual number. Run an estimate to apply the rule to an address and purchase price, with NOI/DSCR impact and a multi-year forecast where the state’s cap compounds annually.