Hello,
I owned a house as joint tenants WROS with someone and she transferred her 50% interest into my name via quit claim. I called the county assessor's office and asked them how they would re-assess since I already owned the property with the other person. I was told by 2 different assessors that they would take the new value of the house minus the old and divide it in half and add that to the old amount in order to determine the new taxable value.
So, we originally paid 300k, new value is 600k, the new increase (for tax purposes) is 300k / 2 = 150k which is added to the original 300k for a new assessed value of 450k. LA County tax is approximately 1.25% of that or $5625.
I just received the notice of reassessment and they didn't take into account that I already owned the property or the 50% of the value to be increased. They just reassessed the entire property as if I bought it from a stranger!
I clearly put 50% transferred on the change of ownership docs that I filed with the county recorder's office. Obviously, they completely disregared it.
I know that I'll now have to go through the appeals process, but what a bother. Does anyone have any ideas or suggestions?
Thanks in advance,
Bonnie
I owned a house as joint tenants WROS with someone and she transferred her 50% interest into my name via quit claim. I called the county assessor's office and asked them how they would re-assess since I already owned the property with the other person. I was told by 2 different assessors that they would take the new value of the house minus the old and divide it in half and add that to the old amount in order to determine the new taxable value.
So, we originally paid 300k, new value is 600k, the new increase (for tax purposes) is 300k / 2 = 150k which is added to the original 300k for a new assessed value of 450k. LA County tax is approximately 1.25% of that or $5625.
I just received the notice of reassessment and they didn't take into account that I already owned the property or the 50% of the value to be increased. They just reassessed the entire property as if I bought it from a stranger!
I clearly put 50% transferred on the change of ownership docs that I filed with the county recorder's office. Obviously, they completely disregared it.
I know that I'll now have to go through the appeals process, but what a bother. Does anyone have any ideas or suggestions?
Thanks in advance,
Bonnie