Depends on where you live. In CA property taxes are assessed on the appraised value of the home when you bought it. If you give the deed to your kids they can pay taxes at this rate as well. Plenty of homeowners and landlords in CA are enjoying their locked in 1976 tax rate today. It used to be you'd help your kid get a job at you or your friends company, now you just hand them the deed of the dingbat apartment your father built on the lot of your former single family home in the 1970s before that was illegal, and they are set for life without ever having to work a job again. Getting 5 units of people paying market rate for a 1 bedroom means you are making over 6 figures.