<prompt> Human: Edit: Many many thanks for all the great info. As always Ive learned many new things from all the helpful people around here. We are looking for a home in the US. I pay close attention to the taxes and assessments. Most homes are on the market for well over assessment value. Will my taxes immediately go up? How do I figure out how much before I buy? These are rediculous from one street to the next.  <response>: A few factors:1 Some states put a cap on assessment increases for residents, and that cap is removed for a new owner. FL and CA have something like this.2 You can get a homestead exemption for a primary residence; this makes taxes lower than for a secondary home.3 The millage rate in some states is applied to a percentage of the assessed value.4 In some states, owners over 65 are not assessed school taxes on a primary residence. 