In California, real property reassessments often lead to huge property tax hikes once the property is sold or transferred. The good news: Propositions 58 and 193 protect certain family members when the sale or transfer meets certain conditions. For example, if the property sale or transfer is between a parent and a child or a grandparent and a grandchild, sometimes you can avoid the reassessment completely! So, lets’ take a look at real property transfers excluded from property reassessments.
Which Real Property Transfers Are Excluded From Reassessment?
Thanks to Propositions 58 and 193, any time the transfer is of primary residences, you may be qualify to avoid the reassessment. Plus, if the property is the primary residence, there is no value limit! When the real property isn’t a primary residence, then only the first one-million dollars of real property can be excluded from reassessment.
The exclusion also works if the transfer is via a trust. So, when the present beneficial ownership is from a parent to a child, then the change in ownership would fall under the parent-child exclusion for property tax purposes.
Keep in mind, though we deal with probate, these exclusions are also allowed if the transfer is the result of a gift or sale too.
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.