We are paying cash to him every week or so when he sends bill. 

Also, you'll want to look at value add opportunities with utility optimization, either a reno project to pass utilities on to tenants or some kind of billing system.

This does not involve the utility company meaning that you will still have to go into the property, read the meters, then individually bill each tenant for their usage and understand the bill is still in your name.

The only purpose of the account would be to collect payments and pay bills like taxes and insurance on assets held by the LLC.

Recent sale of the assessed property is de facto value.Expert is needed for anything else.They can raise the value if you appeal.Comparable sales only count if they were closed before the lien date which is one year prior to the tax bill date.

Quote from @Bill B.: Does “chuck” get away with his theft from “lender”?

•The county will reassess at market value, so be prepared for a higher property tax bill.

Quote from @Bill B.: 1) I think it’s “funny” that not one news article I ever read for the last 5 years had headlines like “Housing at historical record lows!

Bill Nickerson, who wrote the first book ever targeting small real estate investors and small deals (How I Made $5 million in Real Estate in my Spare Time) was a guy that was the u;to age straight shooter, told you the good, bad, and ugly - NO PUFF.  

Quote from @Bill B.: Did you read lone #1 of my reply?