My spouse died and she had prop 13 from inheriting her fathers home. We held title in joint tenancy but that didnt happen until years after her father died. What if I want to downsize. Can I carry over the prop 13. I heard if you buy something within 4 months you keep prop 13 benefits.
Thank you for the information. My family owns a home (three people on the title) and want to add me to the title that way I can refinance the mortage. Will there be a reassessment under this situation? My brother-in-law and siblings are currently on the title.
Risky. Even without adding you an “error” of could occur. Technically a partial transfer of 50% or less should not tigger a reassessment as it’s not a 51% transfer. But with greedy assessors it may be reassessed. I would stay clear if being added
Hi, My Parents bought an apartment in California for me and my brother about 12 years ago. But they financed the property and now have paid it off me and my brother both have lived in the property on and off for the past 12 years currently i am living here and its my primary residence. My parents wanted to transfer the property in our name now without getting hit with reassessment. Also 12 years ago they wrote a letter and had it notarized that this property was bought for us and all proceeds and benifits are for their 2 children. What is the best way to go ahead and transfer the deed ? Thank you !
If I am just buying a property from a third party unrelated seller, is there any way to not trigger re-assessment? Short answer might be just No, but would love to confirm. Thanks for your helpful videos.
A rebuild is reassessed. A partial rebuild is partially or should be taxed at higher rate. The old part should remain the same. Warning my mate added 1000sqft they tried to tax 1600sqft at higher rate. Crooks.
All this fancy talk just fir a 2 page PCOR form declaring the purpose of the transfer. I don’t need a lawyer for that. I grew up around lawyers I find that a lawyer is just a title doesn’t mean you won’t see malpractice or incompetence. But a high invoice.
Except a little oversight can cost you greatly. You are not paying the lawyer checking the right box, but the knowledge (years of knowledge that is) that it takes to know which box to check.
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Is it possible to avoid a reassessment if i change title from a trust (revocable living) to an LLC? I want assets protection.
Great video, what should I fill out since my dad only had a Will and not a Trust when he passed away? I live in California.
is an irrevocable trust different or also exempt?
My spouse died and she had prop 13 from inheriting her fathers home. We held title in joint tenancy but that didnt happen until years after her father died. What if I want to downsize. Can I carry over the prop 13. I heard if you buy something within 4 months you keep prop 13 benefits.
Thank you for the information. My family owns a home (three people on the title) and want to add me to the title that way I can refinance the mortage. Will there be a reassessment under this situation? My brother-in-law and siblings are currently on the title.
Risky. Even without adding you an “error” of could occur. Technically a partial transfer of 50% or less should not tigger a reassessment as it’s not a 51% transfer. But with greedy assessors it may be reassessed. I would stay clear if being added
Hi, My Parents bought an apartment in California for me and my brother about 12 years ago. But they financed the property and now have paid it off me and my brother both have lived in the property on and off for the past 12 years currently i am living here and its my primary residence. My parents wanted to transfer the property in our name now without getting hit with reassessment. Also 12 years ago they wrote a letter and had it notarized that this property was bought for us and all proceeds and benifits are for their 2 children. What is the best way to go ahead and transfer the deed ? Thank you !
Can I buy my inlaws' house with a VA loan and use the Reassessment Exemption (2021) to avoid a property tax reassessment?
If I am just buying a property from a third party unrelated seller, is there any way to not trigger re-assessment? Short answer might be just No, but would love to confirm. Thanks for your helpful videos.
Yes. But it’s tricky. Some law firms specialize in doing this. I’ve never done it since it’s a tax loophole. Not illegal but tricky.
What is the property tax treatment for a house rebuild? For a 56 year old in Cali
A rebuild is reassessed. A partial rebuild is partially or should be taxed at higher rate. The old part should remain the same. Warning my mate added 1000sqft they tried to tax 1600sqft at higher rate. Crooks.
Can I add my spouse to the title of my rental property that is in my name only with triggering a reassessment in LA County.
Without triggering a reassessment. Thanks
All this fancy talk just fir a 2 page PCOR form declaring the purpose of the transfer. I don’t need a lawyer for that. I grew up around lawyers I find that a lawyer is just a title doesn’t mean you won’t see malpractice or incompetence. But a high invoice.
Except a little oversight can cost you greatly. You are not paying the lawyer checking the right box, but the knowledge (years of knowledge that is) that it takes to know which box to check.