If I buy a LLC that owns property, does the tax basis change?

[Stephan Kraus]

Hi BP experts, 

Im looking to purchase a multifamily property that is owned by an LLC. For various reasons im considering buying the Business VS. buying the property, now my question is: Does the property tax assessment change, if the state (California) is only allowed to reassess if the owner changes or I do a large remodel?

The new assessment would almost triple the current property tax, which I am fine with since I also get to depreciate the higher value, I assume I can't have one without the other? (or can I - keep old prop. tax assessment AND claim depreciation on the purchase price?)

Help me clear my brain knots please! :D 

[Wayne Brooks]

@Eamonn McElroy Am I correct that the depreciable basis for the real estate remains As It Is, the basis for the new owner is the current already depreciated basis....Not changed due to buying the llc instead of the actual real estate, regardless of price paid?