If your property is taken for eminent domain, you should consult with a legal expert in such matters for your location.|||In particular the California constitution provides for this.
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|||No, it's not true. Property taxes on the new real estate will follow that of the municipal assessment and local mill rate charged thereon.
Where your friend came up with that wild-eyed notion is beyond my imagination.|||Nope.|||Stop listening to your friend, at least as far as their tax advice goes.|||huh? I don't know where your friend got THAT information.|||I'm no lawyer but I'm pretty sure that if the government buys your property under eminent domain it is the same as if you sell to anyone. You are responsible for all taxes until the day the transaction takes place and you no longer own the property. If you have prepaid your taxes for a period beyond the date of the transaction you should get a check from the government for the balance. I can't see why there would be any connection to taxes owed on a new property or any special rules for selling to the government versus to a private individual. The two transactions are completely separate.
You would do well for yourself to retain a local real estate lawyer and a financial planner. Good luck.