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It's even worse than that. You can create a holding company for the building, then just sell the company. Since there's no sale of the property itself, the prop
by doktorhladnjak 6y ago
It's even worse than that. You can create a holding company for the building, then just sell the company. Since there's no sale of the property itself, the property taxes are locked in forever at a low rate.
- powerapple 6y agoDon't you have to pay tax if you use company property for personal use? I do not know American taxation system, but it would be reasonable to assume so.
- rcpt 6y agoIn California, property doesn't get reassessments unless it's sold. If the owning corporation never sells the land it's taxed based on purchase price forever. This how we have private golf courses in the middle of Los Angeles and dilapidated shacks adjacent to Google's global HQ.