My parents home is in trust and my siblings and I have inherited the home. If I buy the home and pay my siblings their portion of the value of the home, will I be able to keep our prop. 13 status???? Thank-you!!!
Assuming you are in California, there is a general exemption from property tax increase for transfers between parents and children. Technically only a part of the property was transferred directly from your parents to you (e.g. one-third if there are three of you). So they will be able to raise the property tax on the proportion that goes to your siblings if you end up with it.
If the estate has sufficient other assets so that you get the house and your siblings get their shares from other estate assets without your having to buy them out, and if the real property is transferred directly from the trust to you, you might have an agrument that the real property went directly from your parents to you, exempting the entire value.
Finally, you need to notify the county assessor of the change of ownership occasioned by your parents' deaths and claim the exemption within three years.
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