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Lev, Tax Advisor
Category: Tax
Satisfied Customers: 28081
Experience:  Taxes, Immigration, Labor Relations
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We inherited property (Children)in the state of California ...

Resolved Question:

We inherited property (Children)in the state of California from our Mom that passed away in 2004. Before she passed away she was paying low property tax Proposition 13 of $800 per year. The house was in the estate and when we settled in 2007 we have been paying the property tax right along. When we sold the property and settled the estate we just got a tax bill from the state of california for $15,000. Dont we get grandfathered for the prop. 13 as being children of a deceased parent in California
Submitted: 8 years ago.
Category: Tax
Expert:  Lev replied 8 years ago.

Parent-Child Change in Ownership Exclusions -

- Transfers by sale, gift, or inheritance can avoid reassessment under Proposition 58. If a parent transfers a property to more than one child (shared ownership), each child should apply for the exemption for his/her share. Generally, the person acquiring the property must file a claim within 3 years after the date of transfer (if gift or sale) or parent's death (if inheritance), or the property is transferred to a third party.

You will not get the exemption automatically.

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