Inherited Property: How can I avoid Property Tax reassessment as a grandchild ?

[TrustProblems]

What is the name of your state (only U.S. law)? California

Hello,

How can a grandchild that inherited residential property avoid being reassessed ? The property has 2 children and 1 grandchild as the beneficiaries. I understand the children will not be reassessed.

Is there a way for the grandchild to avoid being reassessed ?

The property is very old so I am thinking there would be a big difference between what it is currently being taxed at and I assume they reassess at current market value however they determine that ?

 

[FlyingRon]

If the parent of the grandchild would have qualified for the exemption from reassessment, so would the grandchild. The lawyer handling the estate matters should be well aware of this procedure.

 

[TrustProblems]

If the parent of the grandchild would have qualified for the exemption from reassessment, so would the grandchild. The lawyer handling the estate matters should be well aware of this procedure.

Can you tell me under what law ?

I am meeting with an estate lawyer. I talked to him briefly on the phone and he did not think there was a way for the grandchild to qualify for the exemption.

 

[FlyingRon]

Can you tell me under what law ?

I am meeting with an estate lawyer. I talked to him briefly on the phone and he did not think there was a way for the grandchild to qualify for the exemption.

It's commonly called Prop 193, which revised 63.1 of the revenue and taxation code (specifically 63.1 (a)(3)(A))

 

[TrustProblems]

It's commonly called Prop 193, which revised 63.1 of the revenue and taxation code (specifically 63.1 (a)(3)(A))

Thanks I will look that up.

Also wanted to clarify the situation:

The son and daughter of the person that passed away as well as the grandson are the beneficiaries. The grandson is the son of one of the 2 other beneficiaries. So I was thinking to not be reassessed would only be allowed if the parent of the grandson was not alive ?

Thanks!