Legal Question in Tax Law in California
Property Tax Increase without Sale to trigger
In 1998 I purchased a home with a co-borrower. In 2002 I refinanced that home removing my co-borrowers name from title via a Grant Deed which the co-borrower provided me. There was no sale of his interest, nor did any money exchange hands. In essence, he we a co-signer. Following the refinance, the County Assessor reassessed my home increasing the value from the original sales price adjusted annually by the 2% maximum, to half of the difference between that original sales price, and my refinance price. I assume they believed that my co-borrower sold me his interest thereby triggering a reassessment. Is this a valid increase? I have appealed this assessment, and the current property value (within the time frame permitted in this state). However, I just received an appeal hearing notice wherein I feel I an being coerced to give up my appeal with the threat that continuing might actually increase my tax basis to the entire amount of the new refinanced amount not just the half they assessed for my co-borrower's presumed interests.
Do I have a valid basis for appeal, and what should I take to the hearing to substantiate my claim?
Thank you in advance for your help.
1 Answer from Attorneys
Re: Property Tax Increase without Sale to trigger
Get the Tax Code that is being enforced. Determine if the facts apply. If the law is in your favor present your evidence and argue the law. Call me directly at 16198468947 for assistance.
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