>tax assessment on a property that was purchased many years prior will be less than market valuation.
Wrong
The value actually can go up substantially depending on improvements added
the "land value" might fluctuate, but when it comes to paying taxes everything that is "real property" is assessed is included and taxed not just the physical land
I am a Real Property Appraiser
>so many properties are sold after disasters. people will no longer be able to afford the property taxes.
That is a totally different scenario
appraising a property as it sits with o improvements…house, etc….
to a property with a multi million dollar home is totally different to appraising a property destroyed by a natural disaster
ALL property is assessed as is of JAN 1 of Tax year NO MATTER WHAT