Can prop 13 be passed on twice ? My dad inherited his mom's house, and prop 13 along with it. So the property tax is very low. This house will go to me next, but will the taxes jump to current market value ? Also, this house is now the family vacation home so it's not my dad's residence anyway.......... would that alone disqualify it from "inheriting" prop 13 ? thanks
As long as your father hasn't made gifts of real estate to you before, the transfer of up to $1,000,000 in real estate between parents and children is exempt from increase property tax on transfer. Stu
Proposition 58 controls transfers from parent to child and child to parent. There is no limit on the number of times a property may change hands and a reassessment is waived. When your Dad inherited his mother's house he had 3 years from the date of transfer to file for Prop 58 relief. When you inherit the home, you will have 3 years from the date of transfer to file for Prop 58 relief. There is no limit on a principal residence. There is a $1 million dollar of assessed value limit on other real property. In addition, there is a limit on acreage. I am no longer in CA, but I remember that it used to be 10 acres. If the home sits on more than 10 acres, then the excess gets reappraised. Contact the applicable County Assessor for more details.
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