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Updated over 3 years ago,
Acquisition options TX house + land + equipment
I live in a rural area in Texas and am considering acquiring a neighbor's three acre place (house, land, equipment). I'm concerned about the tax ramifications. The taxes on my place are frozen under Tx law due to age and disability and I'm concerned that if I purchase an adjacent plot then the taxes will be reassessed to current market value and then re-frozen.
For these reasons I'm looking for "unconventional" (but legal) ways to acquire the land and was hoping I could get some advice from experts on this forum. Ideally, I'd like to keep them separate entities (one as investment and one as homestead). One idea is to purchase the land/house separately from the removable barn and thus reduce the cost (there would be two contracts, one for the property and one for the removable barn). I don't know how this would work in practice. Another option would be for each party to gift each other somehow (we've known each other for years and have full trust) - a quick deed and a cash gift. I don't know how this would work in practice either.
Thoughts on all this please? Other options?