kappo50[at]yahoo.com wrote:

- quote -

Proposition 58 controls transfers from parent to child and
child to parent. There is no limit on the number of times a
property may change hands and a reassessment is waived.
When your Dad inherited his mother's house he had 3 years
from the date of transfer to file for Prop 58 relief. When
you inherit the home, you will have 3 years from the date of
transfer to file for Prop 58 relief. There is no limit on a
principal residence. There is a $1 million dollar of
assessed value limit on other real property. In addition,
there is a limit on acreage. I am no longer in CA, but I
remember that it used to be 10 acres. If the home sits on
more than 10 acres, then the excess gets reappraised.

Contact the applicable County Assessor for more details.
http://www.boe.ca.gov/proptaxes/assessors.htm

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kappo50[at]yahoo.com wrote:

- quote -

As long as your father hasn't made gifts of real estate to
you before, the transfer of up to $1,000,000 in real estate
between parents and children is exempt from increase
property tax on transfer.

Stu

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Can prop 13 be passed on twice ? My dad inherited his mom's
house, and prop 13 along with it. So the property tax is
very low. This house will go to me next, but will the
taxes jump to current market value ?

Also, this house is now the family vacation home so it's not
my dad's residence anyway.......... would that alone
disqualify it from "inheriting" prop 13 ?

thanks

<< ================================================== ===== > << The foregoing was not intended or written to be used, > << nor can it used, for the purpose of avoiding penalties > << that may be imposed upon the taxpayer. > << > << The Charter and the Guidelines for submitting posts > << to this newsgroup as well as our anti-spamming policy > << are at www.asktax.org. > << Copyright (2006) - All rights reserved. > << ================================================== ===== >