- NEW!
by Jim in a Nautilus COAT on January 18th, 2009
California's prop 13 survives sale, but the restriction on reassessment of the property's value does not. Under prop 13, the value of a property can only be upped by 2% per year so long as you stay in it. When you sell, it can be adjusted to market value.
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.
I am on ssi and trying to buy a home... i am doing the non traditiona trade lines.. because i have "NO" credit not bad credit just no credit...and was wondering how the down payment money would effect my ssi or not at all
by elizabethia on February 24th, 2009
| 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
If I started to buy rental investment properties, can I re-invest the income produced throughout the year to buy other properties to defer taxes?
by Anonymous on December 17th, 2008
| 3 people like this
Can i deduct the intersest and closing costs form a reverse mortage?
by len on March 1st, 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
You're reading Does Proposition 13 pass to the next property owners or does it end with the one' who recieved it first?
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Comments
Agreed.
by HasntBeen on January 18th, 2009
Oh thank god. So there you have it. I' can again join the joyous in a cellebration of a break from the tax devil....(crazy dancin to the break of the tax devil) .... my grandmother just passed away, and I'm going broke paying for her right to die. Go figure. Thanks you guys. ;] 6+
by CaRbOnPrOdUcK is Baccuss on January 18th, 2009
My sympathy on your loss.
by Jim in a Nautilus COAT on January 18th, 2009
Thank you my friend. It's amazing how tight she lives on in my heart. She was a ball of fire that Baba of mine. ;]
by CaRbOnPrOdUcK is Baccuss on January 18th, 2009