Avoid Increasing Property Taxes On Purchase Of Home
Has anyone ever heard of purchasing a property in a trust which would prevent an increase in property taxes. This problem occurs in markets such as south Florida where properties have drastically increased over the past couple of years. For example the previous owner of a property may have purchased a home in 2002 for $200k which is selling now for $450k. Please let me know if anyone has ever heard of this.
Keep in mind, many jurisdictions (including CA) trigger a reassessment when there is a change in ownership between unrealted parties. If you sell the LLC to unrelated party, they are supposed to notify the jurisdiction if they have this rule. While you may not get "caught", many jurisdictions WILL consider this a change in ownership.
So are you saying that I can establish and LLC in my name and use it to buy a property and by doing this I avoid an increase in taxes because the new sales price does not get reported to the city/county
No, not at all.
What you are being told is that when you go to sell the property you acquired within your LLC, your buyer might postpone a reassessment when you sell the LLC (and all of its assets) to your buyer.