Earlier, we explained that California real property reassessment exclusions often protect family members from paying greatly increased property taxes when they buy or acquire property. It’s true! Propositions 58 and 193 protect some properties from reassessments when the transfer or sale happens between a parent and a child or a grandparent and a grandchild.

$1 Million Exclusion

We noted that if the real property isn’t a primary residence, only the first one-million dollars of real property gets excluded from reassessment. Yet, what value of the property gets counted when considering this $1 million exclusion limit?

So, the value of the transferred property counted toward the $1 million exclusion limit generally would be the taxable value on the assessment roll. Of course, some exceptions apply. For example, if the property is a Williamson Act property or a Mills Act property, base it off the factored base year, not the restricted value.

The Mills Act Program

The Mills Act, an economic incentive program in California, helps ensure the restoration and preservation of qualified historic buildings. It’s implemented by local governments.

The Williamson Act Program

The Williamson Act Program acts as a tool for protecting agricultural and open space land from premature urban development. It’s also called the California Land Conservation Act.

So, keep these programs in mind when figuring the value counted toward the $1 million exclusion limit.

Do You Need A California Realtor Specializing In Probate?

We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.

We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.

If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.

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