I think it is worth noting that the fair market value of a home is not a specific number that the IRS will try to hold you to. It is a price range and as long as you are in the ballpark I do not think the IRS will be fussed.
They are more concerned about people buying a property for $5 or $5 million when it is really worth $50,000.
But if you buy the $50,000 place for $45k or $55k I doubt the government will be fussed. Happens all the time.
After the '08 crash our assessor’s office did lower our assessed value and taxes a bit. And then we refinanced in spring '09, and a professional assessment for that refinance gave an even lower value. So I took that paperwork to the assessor’s review board and asked them to lower their assessment to match, and they did.
I guess I needed to be more proactive and get outside assessments.
The Cook county assessor’s office saw no urgency in finding ways to lower my taxes.
Maybe if I did this all on my own and forced the issue with the county they would have had to relent.
Seemed a lot of work and time for a not very big benefit without a certainty it would payoff.
That’s a rarity - nice work! I’m of the opinion that the assessor’s office should be required to purchase any home at assessed value if the owner wants to sell it. Maybe at 80% value, even. Bet we start seeing much more realistic assessments.
Most places I’ve lived “assessed value” is a purely BS number 25% - 50% different from market price. It isn’t intended to be an actual buy/sell price.
A bit like the DJIA, it’s all about having a number that goes up and down by the relevant percentages, and is comparable across long timescales. Not about having a number that is connected to buying/selling reality. And unlike the DJIA, it’s intended to fair-share the tax. So two properties both with “assessed value” of $250K will pay the same tax and will pay half the tax of a property with “assessed value” of $500K.
I’m yet to meet a taxman who suggests ways for me to pay lower yaxes.
This seems to be an international thing. 
I concur. If you sold it to a stranger in an arms-length-transaction, the selling price is the FMV. The assessed value is not an issue.