Implications of Selling a piece of land for $1

[Annunciata R.]

Due to an error made by my local county my lot was valued from $55K to $1.4M. The land was bought by a trust where I am the beneficiary, spoke to the relevant officials and they agree with the anomaly however they have not done anything about it. The property taxes will become due very soon and my only choice is to dispose it to myself for $1 as it has lost value due to extortionate taxes on the erroneous new value. I am just checking to see what the implications would be other than buying myself time for another year or so. Thanks

[Account Closed]

@Annunciata R.  The way to handle the assessment is not call people at the county,  but to do a formal reassessment request.  Go to the county tax assessor website and download the forms for reassessment, fill them out and mail them in.  Don't pay any taxes until your reassessment is completed.  Don't go all DIY and go deeding the property to an entity you own or any other such nonsense.  The county will fix the mistake when they get around to the reassessment, so don't add any other sales or transfers to their research.

Is it that funky little triangle lot in LA you bought at tax sale?