Legal Question in Real Estate Law in California
My sister and I and our neice inherited a property jointly from our parents, her grandparents. It was under Prop 13. She wants to sell her portion to one of us. Are we still under Prop 13 protection, or will the taxes on the property go up?
2 Answers from Attorneys
If the sister is the mother of the niece, 1/6 of the property value will be subject to reassessment if the mother and daughter file for exemption on the 1/6 portion that will be transferred between them; the 1/6 share transferred to you will be the part reassessed. If the niece is the daughter of another sibling, then the full 1/3 will be reassessed.
As Mr. McCormick points out, only the portion of the property being transferred is subject to reappraisal, and then only to the extent the sale is out of the direct line of descent.
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