MultiFamily Property Taxes

[Jung Won Kim]

Is the property tax based on purchase price? For instance, if property tax is 1% and an apartment sells for $10MM, would the tax be $100K per year? I'm asking this because hypothetically, if the previous owner purchased the same apartment for $5MM years ago and in the offering memo it shows tax as ~$500-600K, and I purchase it for $10MM, would the property tax increase nearly 2-fold just because I accepted a higher price than what previous owner bought at?