Prospective buyers of residential property must be presented a disclosure summary concerning ad valorem taxes before or at the time of execution of the contract for sale.   The property tax disclosure summary is to caution prospective buyers that they can not rely on the amount of the seller’s property taxes as an indication of the taxes purchasers will be required to pay in the year following purchase of the property.

A change of ownership or property improvements triggers reassessments that could result in changes in property taxes.