Posted on: 21st May, 2011 09:23 am
Our mother passed away. Her house has no mnortgage and is in a trust. My sister, brother and I are the subsequent trustees, so we now own the house. My sister and I are buying out our brother and will use the house as a rental due to the bad real estate market for selling. We want to keep the Proposition 13 property tax break. How do we accomplish this?
C...I know nothing about Proposition 13 other than what I just found on a website belonging to California Tax Data (try dot-com). It looks like a property under Prop 13 is reassessed upon transfer. Since ownership of the home has been transferred, I would have to believe that your property will be reassessed at this time.
However, my expertise is sadly lacking, so I suggest you contact your taxing agency - municipality, county...whatever entity is appropriate...and ask your question of them.
However, my expertise is sadly lacking, so I suggest you contact your taxing agency - municipality, county...whatever entity is appropriate...and ask your question of them.