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Property tax on inherited property in CA from Uncle
My uncle passed away, he inherited the house from his father which is my grand parent. So he pass the house to me - his nephew.
My question- Since I'm not planning to sell it anytime soon, what sort of tax am I liable. The house is probably worth $400,000 on the market. My grandparents bought it when it was $140,000 in the 80s. Do I get to keep the low tax rate or is the property re-assets to current market price and tax on that new price |
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