Property owners get an annual update on their SEV & Taxable Values with their city property tax bill, typically sent in December.So now, the city assessor tracks the SEV, but homeowners are taxed based upon the capped Taxable Value.

Maybe a corporate group looking to house multiple workers like for construction or power projects. 

Quote from @Bill B.: I know it was popular when you could use it to buy yourself an EU passport.

We are considering a new policy at BiggerPockets and request feedback.Idea: Update our website policy such that "Wholesalers" who break forum rules, solicit members, or submit requests to meet agents using our agent finder will be sent a $125 bill for each infraction. 

The bill was lead sponsored by Union City Mayor (and NJ Senator) Brian P.

We also have pretty high property tax bills (around 2% of the purchase price/property value) that eat into a lot of the rental income. 

Thank you Bill.

However, the idea of running a rental business while waiting six months for payments especially with bills still coming in doesn’t seem sustainable.Can anyone speak from experience in the current market?

A few years down the line, they were surprised by California's tax bill due to the state's clawback provision.

@Richard Benjamin Wilhite, @Bill B.makes some good points about loan terms and the strict identification rules for a 1031 exchange.I would add from a tax mitigation perspective that buying the largest property possible will give you the greatest amount of cost segregation possibility and at the lowest cost since it would be one study rather than several.