Posted on: 17th Mar, 2013 02:49 pm
I co-own a property in Marin County California that I inherited after my girlfriend died. She left the property to me and her three siblings. We are all four on the deed. The three siblings want to be bought out. How do we change the deed? Is there a way to do this without the property taxes being reassessed?
Thanks.
Thanks.
Hi jso,
You will have to ask all the three siblings to sign a quitclaim deed and transfer the property to you. However, it should be noted here that once the deed is transferred in your name, then the taxes will be reassessed. You cannot avoid that.
Thanks
You will have to ask all the three siblings to sign a quitclaim deed and transfer the property to you. However, it should be noted here that once the deed is transferred in your name, then the taxes will be reassessed. You cannot avoid that.
Thanks
Is it correct that only 75% of the value of the house will be reassessed since I own 25%?
Thanks.
Thanks.
Hi jso!
Welcome to the forums!
As far as I know, the whole property will be reassessed for tax purposes after the deed is transferred in your name.
Feel free to ask if you've further queries.
Sussane
Welcome to the forums!
As far as I know, the whole property will be reassessed for tax purposes after the deed is transferred in your name.
Feel free to ask if you've further queries.
Sussane
Since you already own a part of the house, a transfer of other parts should not trigger a re-assessment.
