Skip to main content

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

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

sam
  • 31
  • 1