My grandpa and grandma signed in under proposition 13 and it was based on a long time ago. I'm talking assessment of under 50,000 when going properties bought in the last few years are assesed at over 200,000. Grandpa, before he dies, makes Grandma and him community property owners and wills everything to her in the event of his death. My mom has power of attorney of grandma, just in case. Once we take his name off the property, for tax puposes, will Grandma's property taxes change? They shouldn't because she is protected under propositon 13 and inherits that. If anyone can help it would be much appreciated. I know it's a weird topic.
2007-01-23 19:47:41 · 2 answers · asked by Rip 1 in Business & Finance ➔ Taxes ➔ United States
you need to pay the 50 bucks and talk to a tax attorney not get financial advise from yahoo answers.
2007-01-23 19:51:02 · answer #1 · answered by searay092003 5 · 1⤊ 0⤋
You should discuss this with an attorney.
If the home was owned jointly with right of survivorship it will pass to her immediately upon his death. There probably isn't a change of ownership that would trigger a step-up in value in that case. However, if it passes to her via bequest in his will and she's not on the deed as JTROS it very well might trigger a step-up in taxable value due to change of ownership.
Again, that's a question for a CA attorney. My layman's opinion is barely worth the pixels on the screen as you read this.
2007-01-24 00:01:11 · answer #2 · answered by Bostonian In MO 7 · 0⤊ 0⤋