- NEW!
by Sherri on January 24th, 2009
"Under Proposition 13, the annual real estate tax on a parcel of property is limited to 1% of its assessed value. This "assessed value," however, may only be increased by a maximum of 2% per year, until and unless the property undergoes a change in ownership. At the time of the change in ownership the low assessed value may be reassessed to full current market value which will produce a new base year value for the property, but future assessments are likewise restricted to the 2% annual maximum increase of the new base year value."
You will need to check with your co assessor to see if Grandma's property escapes the 'change in ownership' since you are inheriting the house. BUT if it is passing to you via a trust, then I think it does get a reassessment since the property passed to the trust, then to you. But Prop 13 still will limit the amount of property tax that can be increased each year. ALL Californians have this limitation.
Can I take the first time home buyers credit if: 1) for 2007 I filed as married filing jointly and for 2008 I'm filing as single (divorced), but I hadn't lived in the marital house for over 5 years, 2) I purchased my own home
by Anonymous on February 3rd, 2009
| 1 person likes this
All rental properties were sold in 2011 and the LLC was disolved. Can I deduct closing costs/commision when doing the taxes for the LLC?
by dchapman67 on February 7th, 2012
| 1 person likes this
Can I deduct commercial property insurance for 2008 if it was paid on 12/27/07 but not deducted that year?
by Anonymous on March 9th, 2009
| 1 person likes this
I sold heir property in 2007(devided between 4 brothers) i bought a house in jan 2009 for the first time . do i qualify for the 8000 dollar tax credit?
by egutopia44 on February 28th, 2009
| 1 person likes this
Can i deduct the intersest and closing costs form a reverse mortage?
by len on March 1st, 2009
| 1 person likes this
You're reading Does Proposition 13 pass to the next property owners or does it end with the one' who recieved it first?
Your favorite Q&A site is on Facebook! Become a fan to connect with the ever-growing community of Answerbaggers, share your thoughts and find out what Answerbag's up to next!
Comments