carol.cope[at]verizon.net wrote:
- quote -

"Prop. 58" is in the R&TC somewhere around section 7750 (as
I recall). California statutes are on-line and searchable
via the State Secretary's web site.

It does not matter if the parent is living or deceased as
long as the parent was the prior owner of record and the
child is the new owner.

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arol.cope[at]verizon.net wrote:
- quote -

Complete details for Prop 58 and 193 are at:
http://www.lacountyassessor.com/extr...es/prop58.aspx

--
Alan
http://taxtopics.net

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carol.cope[at]verizon.net wrote:

- quote -

The exemption applies to most transfers directly between a
parent and child, or parent and grandchild if the child is
already dead. It can be during lifetime or at death.

There is a limit of $1,000,000 in lifetime transfers with
respect to property that is not the primary residence of the
donor. I believe there is a limit with respect to the
primary residence as well, and I think it's $400,000. But I
haven't looked into that particular issue recently.

The statute is long and potentially very complicated
depending on your specific situation.

Stu

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D. Stussy wrote:

- quote -

Please provide more information about Prop 58 if you can, it
sounds like it could apply to my situation. What if the
parent is recently deceased and the child is combined with
brother and sisters in a trust arrangement? Can you still
use Prop 58 to do parent-child transfer (i.e., only to one
child)?

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Carol Copeland wrote:

- quote -

Assuming eligible property, the window is two years before
or after sale to buy replacement.

- quote -

Equal to or less is the rule.

- quote -

Reassessment.

- quote -

There is no advance setup. You have three years from the
purchase date or completion date (new build) of the
replacement to file the application with the county.

- quote -

All of your questions are answered by either downloading the
county application form or by visiting the county assessor
website.

E.g. here's Los Angeles:
http://www.lacountyassessor.com/extr.../prop6090.aspx

--
Alan
http://taxtopics.net

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"D. Stussy" <kd6lvw[at]bde-arc.ampr.org> wrote:
- quote -

The county assessor's office can answer all the questions.
It's the local assessor that gets the notification, rather
than the state. Procedures may vary a little bit from county
to county.

Katie in San Diego
The foregoing is intended for educational purposes only and
does not constitute legal or professional advice.

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Carol Copeland wrote:

- quote -

Most of this is beyond my property tax knowledge. However,
the CA R&TC is available online for you to look this up
yourself.

As for HOW to notify the state that this is what you have
done, the only situation I have seen is for a prop. 58
parent-child transfer. In that case, one simply files a
form with the recording of the deed to the county recorder's
office (or later, to the county assessor's office to
challenge the supplemental tax billing). I suspect that
there may be a similar procedure for your type of transfer
of tax basis.

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Thanks to everyone who responded to my first question re:how
CA property taxes are calculated. I have a much better idea
now how to predict my new property taxes after making
additions, re-modeling, etc.

My second question has to do with CA Propositions 60 & 90.
These laws allows anyone who is 55 years or older to
transfer their property tax basis into a new home of
approximately the same value of less. Proposition 90 allows
you to transfer within a limited number of counties,
propostion 60 allows to transfer within the same county that
your property is located. The idea is to allow you to move
to a new home without losing the lower property taxes from
your existing home. I think they both work about the same
tax-wise, the main difference is whether you move inside or
outside of existing county.

OK, here are my questions:

1) Buy another house same county for $625K first and sell
ours 6 weeks (months, how long?) later for $650K.
Transfer property tax OK?

2) Sell our house first for $650K and buy another 6 weeks
(months, how long?) later for $650K. Transfer property
tax OK?

3) Buy another house first and get property tax transfer OK.
Tear down new house re-build from foundation up but keep
same sq ft? Re-assessment or same property tax?

4) How do you set up the transfer up with the state in advance
of the move? Of course, I will contact the public office
but I would like to hear of any personal experiences you
might already have.

For question (3), the idea is to buy a fixer-upper for
approximately the same value but re-build it to same size
and keep low property taxes if possible.

Thanks in advance for all responses, I really appreciate
your feedback.

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