Tag Archives: proposition 13
Dear Liza: We are pondering whether or not to assume a home that belongs to my wife’s parents. The home is currently being valued as part of an estate that will be designated to my wife and her brother. Our question is will the property tax be adjusted from its purchase price in 1968 to its current estate value? My wife’s parents lived in California. No. If your wife’s parents left their house to their son and daughter, the heirs can request an exclusion from reassessment from the county assessor where the house is located. A parent can leave their primary residence to their children and there will be no reassessment upon that transfer. Your wife and her brother can inherit the house and pay the property taxes that their parents paid. But they have to file a form requesting that exclusion from reassessment. This form, called a Claim for Reassessment Exclusion for Transfer Between Parent and Child (Proposition 58), can be downloaded at each county’s assessor website. Of course, if they someday sell the house to a new owner, that new owner’s property taxes will be calculated on the home’s new value.