Posted on: 22nd Jul, 2011 02:09 am
I live in California, (LA County) When my Grandmother was alive she owned a Duplexe which was fully paid off. She put the property in a Living Trust to be passed on to my sister and I when she dies. She passed away, and now my sister and I own the property 50/50. The property is under Prop. 13, so our yearly taxes are very low. If I decide to remove my name off the property, which would make my sister the sole owner, would that trigger any tax payments of any kind, or remove the property from being under Prop. 13?
Thank you in advance for any help.
-Celina
Thank you in advance for any help.
-Celina
Hi RodNave,
Well... change in property ownership may lead to new property tax assessments. So, there are chances that the property tax may change. You and your sister can contact a tax adviser and take his opinion in this regard.
Thanks
Well... change in property ownership may lead to new property tax assessments. So, there are chances that the property tax may change. You and your sister can contact a tax adviser and take his opinion in this regard.
Thanks
You can call the County Tax Accessor's office and they'll answer your question.
