Posted on: 03rd Jul, 2007 03:13 pm
MY PARENTS WISH TO CHANGE THEIR DEED OF TRUST ON THEIR HOME TO MY NAME ONLY. WILL THIS CHANGE OR RAISE THE PROPERTY TAXES? I FORGOT TO MENTION THAT THE LOAN HAS BEEN PAID OFF.
STATE OF CALIFORNIA
STATE OF CALIFORNIA
Hi Sandra,
Property taxes will not be increased if your parents quit claim the home to you as it will be a parent to child transfer.
Property taxes will not be increased if your parents quit claim the home to you as it will be a parent to child transfer.
A change in ownership subjects the person getting the property to tax reassessment treatment. But parent child transfers fall under the change in ownership statutory exclusions. Please go through this page for more information: http://www.boe.ca.gov/members/yee/taxsrvs/files/2006/Change_PropOwner.pdf
sandra,
as you are concerned about taxes i should let you know that your parents may have to pay gift taxes if you are not receiving any value for getting the ownership through quit claim deed.
read more about it from this page: http://www.mortgagefit.com/discuss/quitclaim-taximplications.html
thanks
blue
as you are concerned about taxes i should let you know that your parents may have to pay gift taxes if you are not receiving any value for getting the ownership through quit claim deed.
read more about it from this page: http://www.mortgagefit.com/discuss/quitclaim-taximplications.html
thanks
blue
Hi Sandra,
One has to pay the property tax if he gets the ownership title through quitclaim deed. But you are not supposed to pay any such tax as this transfer is from parents to child which is excluded from the ownership reassessment treatment. Your parents needs to file the claim of parent child transfer with the county recorder office.
One has to pay the property tax if he gets the ownership title through quitclaim deed. But you are not supposed to pay any such tax as this transfer is from parents to child which is excluded from the ownership reassessment treatment. Your parents needs to file the claim of parent child transfer with the county recorder office.