Thank you for your question.
I see you are in San Diego. Can you tell me what county the property was in?
Thanks. I just wanted to make sure that San Diego did not have a circumventing law.
California law provides that property tax will not be reassessed on a transfer between parents and children. The transfer of this proeperty you and your siblings is qualified for this treatment.
BUT sibling to sibling transfers are not exempt. So if you transfered the property between you, it would have wiped that out.
The key here is that there can be no reassessment of value.
They can raise the taxes up to 2% per year based on mill rates. If they had not done that over the years, when the property is transfered at inheritance, all the mill rate increase that did not historically occur can be included and brought up to date even while the assessed value reamins the same as it did for your parents.
If this tax bill indicates that the property was reasseded in value higher, then you need to file an appeal.