If there are three beneficiaries under one's will where all three agree to take all assets equally including real property, the probate court will issue a decree of distribution placing all assets into the names of all three beneficiaries with a one third interest each. The probate order is then recorded on the real property given to the three beneficiaries.The property taxe bill will be issued to all three owners at their last known address as requested by each. It is up to the beneficiaries to agree how the total tax bill for the property they own collectively is paid. Usually one person pays the entire bill after the other two pay him or her their allocated share.As to each person's state and federal tax returns they will then show their one third payment for the property.Good question.