<BLOCKQUOTE><font size="1" face="Verdana, Arial">quote:</font><HR>Originally posted by Bobf:
In 1962 my father organized a Corporation (closely held) that was designed to purchase and resell single family homes. I purchased one of these homes from the Corporation in 1964. I was given a land contract which (in California) means I did not own the house until I paid a certain amount or until I paid the full amount. In 1985, my father died and the Corporation was disbanded. At that time the house was owned by the Corporation and the accessment (property tax) was based on Prop. 13 evaluation (very low) and a "Paid in full" document was handed to me to get a Deed of Trust (in my name) and to record it with the County Recorder. Unfortunately, I did not do anything and continued to pay the property taxes that were accessed at that time under the Corporation's name. It is now 15 years later and I am concerned about the valuation difference I may be required to pay if I try to convey title to myself, at this time, due to a general increase in the value of the house. Might I be able to transfer as from one family member to the other and therefore not face the possible back property tax consequences? How should this be handled?<HR></BLOCKQUOTE>
My response:
Since we don't know your City, an County, where the property is located, your best plan would be to contact your local Assessor's office and explain your situation to them. You'll find their information on your Tax Assessment bill. The entities, County and City, will have differing tax rate structures. There have also been many Amendments to, and "adjunct" propositions, passed since the advent of the California Property Tax Reform Act known as Proposition 13, that will have an effect on such taxable rates.
IAAL
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