Posted on: 15th Feb, 2008 02:29 pm
does the property get reassessed when a quit claim deed is signed? i am on the deed to my house along with my parents and they want to sign a quit claim deed to take their names off of the title. what would that do to the yearly property taxes if they are no longer listed.
Hi Dennie,
In California when property is quitclaimed to add someone to the title, the property value will be reassessed because there is a change in the ownership.
However, for California, there are some exceptions to the rule. For instance, if the quitclaim is between the following parties, the rule does not work.
1. Parent to child (as in your case)
2. Grandparent to grandchild
3. Husband to wife
4. Senior citizen to another senior over 65
5. Ex-husband to ex-wife in property settlement
Since yours is a parent child transfer of property, therefore in your case, there will be no assessment.
Take Care
In California when property is quitclaimed to add someone to the title, the property value will be reassessed because there is a change in the ownership.
However, for California, there are some exceptions to the rule. For instance, if the quitclaim is between the following parties, the rule does not work.
1. Parent to child (as in your case)
2. Grandparent to grandchild
3. Husband to wife
4. Senior citizen to another senior over 65
5. Ex-husband to ex-wife in property settlement
Since yours is a parent child transfer of property, therefore in your case, there will be no assessment.
Take Care
Hi Dennie,
I think your property value needs to reassess as your parents has quitclaimed the property to you and you will have to pay your yearly property tax accordingly.
Best of luck,
Larry
I think your property value needs to reassess as your parents has quitclaimed the property to you and you will have to pay your yearly property tax accordingly.
Best of luck,
Larry
Sara is right. Check your state laws. You may have to file an exemption request along with recording your deed to get that exemption.
