Have a Tax Question? Ask a Tax Expert
Q: How do we get that value?
A: You can go to the county assessor's office to find out what the value of the property was in 1993. The county assessor should have property tax/value rolls archived, and should be able to tell you what the value of the property was in 1993.
Let me know if you require further assistance with this matter.
Q: The house was under Proposition 13 values on property taxes. Will that impact recorded value?
A: Based on the following information, yes. SEE BELOW:
Proposition 13 rolled back property values for tax purposes to their 1976 level.
You can ask the assessor's office for the value of similar properties in 1993 that were not under Prop. 13. Example, if the property is 3 bedroom, 2 bath, 1,400 square feet, ask the Assessor's office what the property value was of other similar properties that were not under Prop 13. I am on my way out the door right now. If you need additional information, I can respond when I return to the computer in a few hours.
Another expert here. Why are you concerned about the historical value of the property? When your mother died in 12/2014, you would inherit the property at the Fair Market Value at her date of death. If the property is sold within a 6 month to 1 year of the date of death, the IRS will normally accept the selling price as also equal to the fair market value at the date of death, ie. in your case 12/2014. This would result in no gain on the sale and you may in fact actually have a loss due to any sales commission or closing expenses. Please let us know why you are concerned about the value of the property when your father died in 1993? This should be a non-issue