Rubina Ryono

Yay! You inherited a property, now what?
Many Californians assume their children will automatically inherit their low property tax base, but that’s no longer true.

The home must have been the parent’s primary residence.

At least one child must move in and make the home their primary residence.

There’s a value limit. If the home’s market value is more than the parent’s taxable value plus the Proposition 19 exclusion amount (currently adjusted at $1 million), part of the property’s value may still be reassessed. Check with the county Tax Assessor to confirm the numbers and the formula they apply to arrive at your new tax base.

Remember, this is general information only. Every situation is different, so it’s important to speak with a qualified estate planning attorney, tax professional, and the county tax assessor before making decisions.
.
.
.
#southbay #realestate #torrance #redondobeach #LA