How JustAnswer Works:
  • Ask an Expert
    Experts are full of valuable knowledge and are ready to help with any question. Credentials confirmed by a Fortune 500 verification firm.
  • Get a Professional Answer
    Via email, text message, or notification as you wait on our site.
    Ask follow up questions if you need to.
  • 100% Satisfaction Guarantee
    Rate the answer you receive.
Ask Barbara Your Own Question
Barbara
Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 2815
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
71603090
Type Your Tax Question Here...
Barbara is online now
A new question is answered every 9 seconds

If an estate title is transferred will that change the value

Customer Question

If a title is transferred from an estate after death does that trigger change in assessed value for Cali Real Estate tax? This is in Los Angeles, CA and nothing has been reported or filed.
Submitted: 25 days ago.
Category: Tax
Expert:  Barbara replied 25 days ago.
Which transfers of real property are excluded from reassessment by Propositions 58 and 193?
• Transfers of primary residences (no value limit)
• Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor.
• Transfers may be result of a sale, gift, or inheritance. A transfer via a trust also qualifies for this exclusion. For property tax purposes, we look through the trust to the present beneficial owner. When the present beneficial ownership passes from a parent to a child, this is a change in ownership that is eligible for the parent-child exclusion.
https://www.boe.ca.gov/proptaxes/faqs/propositions58.htm#4