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...
Q&A
Q: I always hear about Prop 13. How exactly does it work?
A: Under Prop 13, property taxes can only be increased a MAXIMUM of 2% annually (until the property is transferred). In practice, this law is so critical because property values in California have historically increased by far more than 2% per year,...
Q: I only own one property here in Napa, and it still has a sizable mortgage on it. Do I still need a trust for my children to avoid probate upon my death?
A: Yes, without a trust that property is destined for probate, and here’s why: The current law states that if the fair market value of the property is greater than $166,250 - and it’s hard to imagine a home in the Napa area that is worth less than...
