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Discussion Forum Index --> Tax Questions --> Assessed value of inherited home
Sierrafc.com (talk|edits) said:
| 18 November 2006
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| My client inherited her father's primary residence when he passed away. The home is in Solano County, California. I am curious if the real estate assessments will increase significantly for her since the assessed value for her father was $187,000 and the FMV now is $500,000. Do they reassess the taxable value of the home when a property is inherited? It appears that they do not...maybe it is part of Prop 13?
Thanks,
Ron
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Sandysea (talk|edits) said:
| 18 November 2006
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| In Florida, the property appraisers office does not typically reassess the home after it changes hands. I have a client who was gifted a home by his parents and his property taxes did not increase much this year....that is great but then again insurance costs are driven by the assessed value per square foot for replacement value. :)
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Riley2 (talk|edits) said:
| 19 November 2006
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| Under California law, a taxpayer can apply for an exemption from reassessment for any transfer of a principal residence from a parent to child.
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Dennis (talk|edits) said:
| 19 November 2006
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| And passing though an estate qualifies when the child is not a minor? ♫
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SBCPA (talk|edits) said:
| 19 November 2006
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| Yes, passing thru an estate qualifies. The parent to child and child to parent exemption is good at any age in CA. If the child is a minor, watch out for trust issues. Usually there is a one page exemption form that must be filed. Most counties have it available for download.
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