I was thinking about the situation where someone cheats and declares their property to be half as valuable as it actually sold for. They would then owe back taxes for all of those years when they declared it as $X when it ended up having a market value of $2X.
But as you rightly pointed out, property values go up and down, so the vendor would say that extra $X was only in the past year, not the previous 10 years or however long they had been self declaring at a low value.
I was thinking about the situation where someone cheats and declares their property to be half as valuable as it actually sold for. They would then owe back taxes for all of those years when they declared it as $X when it ended up having a market value of $2X.
But as you rightly pointed out, property values go up and down, so the vendor would say that extra $X was only in the past year, not the previous 10 years or however long they had been self declaring at a low value.