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OfflineManianFHS
living in perverty
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Property taxes - need some advice
    #23425356 - 07/09/16 12:57 AM (7 years, 6 months ago)

Ok so what happened here, my wifes grandparents passed away, leaving 50% of the house to their son, and 50% to their grandchildren.

Due to prop 13 laws, children are exempt from reassessment on property values, but not grandchildren (which... I dont understand why, but whatever). So we are paying 50% pre-prop 13 taxes on the house, and 50% post-prop 13 taxes on the house. I dont think there is anything we can do about that, if the grandparents had it in their trust/will that way, I dont think you can make it so the father gets 100% of the house to be passed down later pre-prop 13.

But our PT is still $4000, which seems too high. So I guess we need to talk to a tax attorney to make sure everything is being calculated correctly. Anyways, Ive answered most of my own questions, but if anyone wants to chime in feel free, as there are still some unknowns here.


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notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


Edited by ManianFH (07/10/16 10:03 AM)


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InvisibleLunarEclipse
Enlil's Official Story
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Registered: 10/31/04
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Re: Property taxes - need some advice [Re: ManianFH]
    #23427021 - 07/09/16 04:03 PM (7 years, 6 months ago)

This may be an interesting read.

https://www.hg.org/article.asp?id=6493


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Anxiety is what you make it.


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OfflineManianFHS
living in perverty
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Re: Property taxes - need some advice [Re: LunarEclipse]
    #23428878 - 07/10/16 09:59 AM (7 years, 6 months ago)

thanks LC - have read that one already, along with a few others that opened up my understanding of all this. I am editing the original post to corrrectly portray what happened.


--------------------
notapillow said: "you are going about this endeavor all wrong. clear your mind of useless fear and concern. buy the ticket, take the ride, and all that.... "

ChrisWho said: "It's all about the journey, not the destination."


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InvisibleLunarEclipse
Enlil's Official Story
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Registered: 10/31/04
Posts: 21,407
Loc: Building 7
Re: Property taxes - need some advice [Re: ManianFH]
    #23429427 - 07/10/16 02:02 PM (7 years, 6 months ago)

My best advice at this point is to sell that CA property now, pay whatever taxes are due, and never look back!

Best Wishes, maybe a savvy tax attorney can help, or not.


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Anxiety is what you make it.


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OfflineLogicaL ChaosM
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Re: Property taxes - need some advice [Re: ManianFH]
    #23431473 - 07/11/16 07:58 AM (7 years, 6 months ago)

The costs of property tax depends heavily on the location of the property.

For example, properties near a downtown area of a city have higher property tax.

Sadly, u cant really change the amount of property tax u are charged, as its dictated by the state government.

But it wouldnt hurt to re-read all the property tax forms to make sure the calculations are correct. Seeing a tax specialist will likely cost big $$$.


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OfflineReposadoXochipilli
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Re: Property taxes - need some advice [Re: LogicaL Chaos]
    #23431937 - 07/11/16 12:17 PM (7 years, 6 months ago)

you might be able to have the granchild quit claim their interest in the property to the child and have it based only on that previous assessment.

not sure exactly if that would work but an idea. i am assuming all are above 18 legal age.


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