🤢Supplemental taxes?? How much can I expect the bill to be??🤮

[Nathan Stanley]

Quick questions- 

What kind of taxes and who pays?

Senario-

Family #1 buys at $700k in sunny California🏝in 2015. Family #2 wants to come in and buy at the new property in 2021 valued now at $1m. Family #2 now needs to pay the taxes on the new assessed property tax (.73% avg) of the $1m. Right? Is it as simple as that?

The questions that arise-

When and why does supplemental taxes come into play? 

Who pays them if the property was purchased as an investment, flipped and then sold 3-4 months later? 

Am I over thinking this?