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!
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