Does taking someone off the title of a house in CA make get the property taxes re-assessed & in turn increase?

1 ⤊

Does taking someone off the title of a house in CA make get the property taxes re-assessed & in turn increase?

2007-11-15 13:09:42 · 2 answers · asked by Miss Yahoo 1 in Business & Finance ➔ Taxes ➔ United States

2 answers

It would depend. If you and a partner owned a rental and you bought the partner out, it would trigger a reassessment on the sold part of the property. Transfers to spouses, ex-spouses, children (regular and grand) and parents will not generate a reassessment.

I'm in California.

2007-11-15 16:35:31 · answer #1 · answered by Anonymous · 0⤊ 0⤋

Transfers to close familily members through gifts or bequests and transfers as a division of the marital estate do not constitute a sale under Prop 13 and do not cause the taxes to be reassessed.

2007-11-15 21:22:53 · answer #2 · answered by Bostonian In MO 7 · 1⤊ 0⤋