[Bonanza]

Originally Posted by TheVillageChicken

So, if I sell my 300K home to my daughter for one dollar, her property tax will be based on the sale price of one dollar?

You probably wouldn't sell your house to your daughter for a dollar; you probably would simply quit claim it to her. OR -- you would simply leave it in your name and let it ride. OR -- you would make your daughter a co-owner. There are many different ORs that can be done that would not raise suspicion.

At any rate, you aren't mentioning a "real" situation, although that kind of thing has probably been done (I've never seen it happen). The tax assessor's office would be looking at that as a new owner and tax it according to what the market is at that time. The taxes most certainly won't stay the same and they definitely won't be lower.

I'm sure you also realize the assessor's office would look at that kind of transaction with skepticism and would know exactly what you were trying to do. When sellers or buyers attempt to do what they think is clever, they are only raising a red flag and are drawing attention to the deal they really don't want.