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Updated over 8 years ago on .
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Property Tax Question
I am helping analyze a single family deal in which a family owns 50% of the house and is considering buying the other 50% from their relatives. My question is: what happens to the property taxes on the 50% that is being bought? Does that 50% get bumped up to reflect the current FMV of the property? Does the tax on the entire house get bumped up to FMV?