My uncle passed away, he inherited the house from his father which is my grand parent. So he pass the house to me - his nephew.

My question- Since I'm not planning to sell it anytime soon, what sort of tax am I liable. The house is probably worth $400,000 on the market. My grandparents bought it when it was $140,000 in the 80s. Do I get to keep the low tax rate or is the property re-assets to current market price and tax on that new price