Keep current property tax - is this possible?

[Query1234]

What is the name of your state? CA

My husband and I are going to purchase his parent's current home as they are soon retiring and moving away. They have had their home for over 20 years so their property tax is based on their original purchase price long ago. We will pay close to current market price for their home which is almost 3 times what they paid originally. Obviously this will dramatically increase the property tax on the home as it's based on the new value.

My question is this: Since this sale is happening between family members, is there some loop hole out there that anyone knows of where we can continue to pay their property tax amount and not the new assessed value? Do we have to keep them as co-owners of the property? His dad has some reservations about having his name still on the property (in case we have problems paying or whatever, not that we are a credit risk but stuff happens right?) but is willing to talk to an attorney to discuss this possibilty.

I just thought I'd ask first here to see if it were remotely doable. Thanks for any info.

 

[tranquility]

Transfers between parent and child were covered by Prop. 58 and codified in Revenue and Taxation Code 63.1.

You should be able to do what you want (depending on the specific facts, look at the law). I believe you need to file a claim with the County Assessor.