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Re Calif property tax reassessment and $7000 exemption, re…

re Calif property tax reassessment...
re Calif property tax reassessment and $7000 exemption, re change of home ownership from grandma, now deceaced, to a Trustgot 2 outrageous CA reassessment property tax bills re CA State Constitution 13A (Jarvis Prop 13 1986, if I recall correctly when living here then) that raised last year's prop taxes from $1500 to $9678 ($718 and $8960) !!!The prior expert's ("Amir") answer was not understandable/coherent, so I ask now for a clearer answerCan I submit the available $7000 property tax exemption on/before Feb 15 as that form states, to reduce the taxes due, or is there some other exemption due me (Trustee/beneficiaries), now that I've moved into grandma's home, to conduct an Estate Sale and Home Sale in the coming months?if not your bailiwick, please pass on to someone whose this is. Thx Mark
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Answered in 1 hour by:
1/22/2018
Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,861
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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Hi Mark. My name’s Lane …

I hold a law degree (J.D.), with concentration in Tax Law, Estate law & Corporate law, an MBA in finance, a BBA, and CFP & CRPS (Chartered Retirement Plans Specialist) designations, as well - I’ve been providing financial, Social Security/Medicare, estate, corporate, non-profit, and tax advice, since 1986.

Bear with me a moment while I type up my response. Then if you have further questions we can go from there.

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See this from California BOE (Exclusions from Reappraisal)

...

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.
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Also see this:

...

Who are considered eligible children under Proposition 58 and grandchildren under Proposition 193?

A "child" for purposes of Proposition 58 includes:

  1. Any child born of the parent(s).
  2. Any stepchild while the relationship of stepparent and stepchild exists.
  3. Any son-in-law or daughter-in-law of the parent(s).
  4. Any adopted child who was adopted before the age of 18.

Spouses of eligible children are also eligible until divorce or, if terminated by death, until the remarriage of the surviving spouse, stepparent, or parent-in-law.

..

A person adopted after reaching the age of 18 is not considered a "child" for purposes of the parent-child exclusion.

...

An eligible "grandchild" for purposes of Proposition 193 is any child of parent(s) who qualify as child(ren) of the grandparents as of the date of transfer

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If you still have questions about Propositions 58/193, you may find the answers in Letter To Assessors No. 2008/018 or you may call the Assessment Services Unit at(###) ###-####

...

Each county has a version of the form ... I believe the form number is ***** "Claim for Reassessment Exclusion for Transfer From Grandparent to Grandchild"

...

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Here's San Francisco's Form, for example: https://www.capropeforms.org/forms/san_francisco/BOE-58-G/pdf

Lane
Lane, JD, CFP, MBA, CRPS
Category: Finance
Satisfied Customers: 14,861
Experience: Law Degree, specialization in Tax Law and Corporate Law, CFP and MBA, Providing Financial & Tax advice since 1986
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