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Jasper
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Property Tax, How is Los Angeles property tax calculated if a 50% owner later buys out the other 50%?

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sam
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Property Tax, Los Angeles

I own a property with my partner. To make it simple, let's say we bought the property for $100K five years ago and now pay property taxes at this base price plus the usual 2% increase per year. If I now buy my partner out for $75K which puts the new value of the property at $150K, what is the price that I would get taxed at? Is it $150K or $125K or something else? thank you