If all three of you owned the property as tenants in common and each of you reported the activity of your % of the property on your own tax return then each of you were the tax payer for the property (your % only of course).   

If your tax liability and/or depreciation recapture is large, you may want to consider a 1031 Exchange.Generally, you can sell your primary residence and exclude from gross income up to $250,000 in capital gains ($250,000 per taxpayer, $500,000 for a married couple) due to the 121 Exclusion.

The previous owner of the parcel probably challenged the market value based on a recent, lower purchase price.Property taxes in Cuyahoga County are determined by the fiscal officer's assessed value and the community tax rate based on levies that are passed by taxpayers. 

Calculating and deducting depreciation is not automatic- a taxpayer can choose to not depreciate their investment rental (more on that later), but it is generally a bad idea.It is true that the depreciation expense is optional, BUT, the IRS always expects you to take it, and even penalizes you if you don't.

The seller could just hire a tax service to notify them of missed tax payments, so the complexities of impounding can be avoided (title company should be able to help with this).

It's just part of the deal when Uncle Sam sees investors "profitting" from the poor old tax payers of this country.  

It is middle class taxpayers seeking lower taxes, better schools and less crime that are depopulating Chicago, Cook County and Illinois.

Upon hearing my tax guy tell me I had a $40,000 quarterly estimated tax payment due soon, I asked what can I do to mitigate the tax robbery I was being a victim to.

DC takes all the tax payer money across 50 states and pours it all across Maryland and Virginia... 

Unless you are paying estimated tax payments throughout the year based on your real estate earnings, there's nothing for them to actually refund you.