What is the name of your state?
California
Mom is a senior citizen who sold her house 1+ year ago, and wants to buy another house and retain her old property tax basis. Under Proposition 90, if she buys a house of lesser value in a participating county this year, she can retain her old property tax.
Her daughter singly owns a house in a participating county, that mom is offering to buy in part. Assuming the house or portion bought thereof is worth no more than mom's old house, will transfer of ownership from Daughter to both mom & daughter under joint tenancy suffice for proposition 90 to kick in?
What percentage of ownership in the house must mom buy in order to retain her old property tax? Will the tax break be assessed on only mom's portion or the entire house?
California
Mom is a senior citizen who sold her house 1+ year ago, and wants to buy another house and retain her old property tax basis. Under Proposition 90, if she buys a house of lesser value in a participating county this year, she can retain her old property tax.
Her daughter singly owns a house in a participating county, that mom is offering to buy in part. Assuming the house or portion bought thereof is worth no more than mom's old house, will transfer of ownership from Daughter to both mom & daughter under joint tenancy suffice for proposition 90 to kick in?
What percentage of ownership in the house must mom buy in order to retain her old property tax? Will the tax break be assessed on only mom's portion or the entire house?