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Updated over 2 years ago,
Avoiding Property Tax Assessment Increase
I'm looking at purchasing a 5 unit building with 4 upstairs apartments and a ground floor commercial unit. The current assessment is roughly 200k and the purchase price is likely between 800k-1M. The listing broker is suggesting the owner sell me the LLC as a business and include the building in the sale rather than a traditional real estate transaction to avoid the property tax increase. Does anyone have any experience with this or know if this is a feasible way to go about avoiding the higher assessment?