California
It is my understanding that real estate property tax value in the state of California is established at the time of title transfer and that Proposition 13 limits the amount of increase on this property tax over time. However, a step increase can occur each time the property is retitled. Is this true? Is it possible to Title real estate in a Trust and then transfer the trusteeship instead of retitling the property thereby avoiding the step-up in property tax basis?
Thanks!
Chip
It is my understanding that real estate property tax value in the state of California is established at the time of title transfer and that Proposition 13 limits the amount of increase on this property tax over time. However, a step increase can occur each time the property is retitled. Is this true? Is it possible to Title real estate in a Trust and then transfer the trusteeship instead of retitling the property thereby avoiding the step-up in property tax basis?
Thanks!
Chip