Ask Experts Questions for FREE Help !
Ask
    mhbyer's Avatar
    mhbyer Posts: 1, Reputation: 1
    New Member
     
    #1

    Jan 25, 2007, 03:16 AM
    Property taxes on inherited property
    When daughter inherits home from parent and moves into the home, is there an adjustment to the property tax base in California? Currently taxes are extremely low but house has increased in value since purchase 40 years ago. House is held by trust.
    ScottGem's Avatar
    ScottGem Posts: 64,966, Reputation: 6056
    Computer Expert and Renaissance Man
     
    #2

    Jan 25, 2007, 08:05 AM
    Some areas do reassess property when there is a change in ownership. You would have to check with your local assessment office on the rules.

Not your question? Ask your question View similar questions

 

Question Tools Search this Question
Search this Question:

Advanced Search

Add your answer here.


Check out some similar questions!

Inherited property [ 2 Answers ]

Sir, we are three brothers, my father has inherited the property frm my grandpa.My father has not done the registry of the land .Now I want to know that when we three brothers will inherit the property from him,will it be necessary get the registration done of the land which will be given to me,...

Taxes on inherited property [ 4 Answers ]

I inherited property from step mother who had life estate of property which belonged to my father. My brother had already past away but had two daughters so I received 1/2 and they 1/4 each. Do I have to figure taxes on my half? Do I have to pay taxes on it or report it on my taxes? Thanks for your...

Property taxes/lien on property [ 2 Answers ]

We have been taking care of the rental properties across the street from us for many years as the landlord lives in Arkansas. We have never been paid for these services. We repair and maintain these properties, and the last tenants we even collected the rent and deposited into the landlordís...

Inherited Property Being Sold- Taxes? [ 1 Answers ]

My father died and left property in trust for my mother, my brother and I. (40 years ago.) My mother dies in 1989, and the property transferred to my brother and I. The trust was dissolved in 1994. I have paid taxes on this property continuously. The property value has increased 10x. It...

Taxes on inherited property sold [ 0 Answers ]

My siblings and I inherited our parents house after their death. It was in poor condition. We had it appraised for $132,000 and sold it for $125,000. Do we owe any federal income tax on it? All I have read so far indicates that we do not. But, how to we file, since the mortgage company that...


View more questions Search