Legal Question in Tax Law in California

Does an inherited property need to be reassesed

Does the county tax collector have to be notified at the death of the sole owner or can the sole heirs (the adult children)leave the title as it is until it changes ownership and how does the death affect the assesment of the property?


Asked on 3/17/03, 12:35 pm

1 Answer from Attorneys
Ken Koenen Koenen & Tokunaga, P.C.

Re: Does an inherited property need to be reassesed

The basis of the property for capital gains purposes is increased to the present market value. Usually, if the property is left to children, you can get the property deeded to the name(s) of hte children without affecting property taxes. You may want to get some legal advice before doing so yourself.

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Answered on 3/17/03, 3:10 pm


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