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Barbara, Enrolled Agent
Category: Tax
Satisfied Customers: 3190
Experience:  18+ years of experience in tax preparation; 25+ years of experience as a real estate/corporate paralegal.
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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: 5 months ago.
Category: Tax
Expert:  Barbara replied 5 months 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.