Q: What types of transfers can trigger a reassessment of my property taxes?

 

 

A: One common example of a transfer that causes reassessment is when one sibling buys out another after inheriting a piece of property from their parents. Although the initial transfer from the parents to the children does not result in reassessment (because it qualifies as a Parent-Child transfer under Prop 58), whenever one sibling buys out another sibling, there is a reassessment of the property taxes.  Before making any transfers of properties, we always recommend that you contact us so we can try to develop a creative course of action to effectively reduce, or often eliminate altogether, any reassessment of the property.  In next week’s #WednesdayWisdom, we’ll talk about the legal “Magic Eraser” available to property owners when they need a “do-over” on transfers that inadvertently triggered a reassessment of property taxes!

If you have any questions about this, please feel free to reach out to us (707-681-5851 or [email protected]) or set up a complimentary consultation at your convenience by clicking on the following link: https://MyNapaLawyer.as.me/