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How Can I Transfer My Property Tax Assessment Value To My Beneficiary?


The only way to transfer it to beneficiaries is if the beneficiaries are your children, or in some cases your grandchildren. Anytime there is a transfer of property between parents and children, and this occurs whether it’s a gift or a sale, it is not subject to being re-assessed. The property taxes will stay the same. There’s just a form that we need to complete so that that property doesn’t get re-assessed upon that transfer. If it’s a grandchild receiving the property, the same thing applies if the parent of that grandchild is deceased. So if it goes from grandparents to grandchildren, they only get that if the intervening generation parent is deceased.

How Can I Transfer My Property Tax Assessment Value To A Different Property?

There is a provision in California for seniors (55 or older) who are moving to a property of lesser value than they currently own. So if their current property is too large for them or more than they want to handle, and they want to move to a less expensive property, they can sell their property, purchase a new property, and file a form with the county to transfer their property tax assessment to their new home. That way, they can keep their current assessment. The requirement for this is that the new home must be purchased within two years of the sale of the old home.

You can purchase a new home first and then sell the old home or you can sell the old home and then purchase the new home as long as those two transactions take place within two years of each other. The second requirement is that the new property has to be less in value than the property that was sold. Thirdly, the two properties have to be in the same county or in some cases, some counties have allowed residents to transfer between the county. They call this reciprocity between the counties. So you would have to check and see if the county you’re moving from and the county you’re moving to have an agreement to let people move between those counties.

How Can I Sell My Property Without A Realtor?

I generally don’t advise this but in some cases, it works out fine. Most of the time when I do this, it is a sale of a property associated with the business or a family transfer of a residential property. If it’s a sale of property to a third party, that the seller doesn’t know and they’re not very closely related or close friends, I don’t advise doing this; I would advise going through a realtor and using an escrow company. However, in the situations where it is a close relationship and the sale is for cash or it is a very simple loan that the seller is carrying, then we can process that sale for the parties and create the necessary documents to transfer title and to secure the loan for the seller if indeed there is a loan.

We still advise getting title insurance for the buyer just to protect the buyer from any unknown liens or defects in the title, but we can process that and avoid the cost of a realtor and an escrow company and also do it somewhat more quickly than they would.

Additional Information About Real Estate Law In California

Just a general encouragement for people to not try to do their entire estate plan or the bulk of their estate plan by re-titling property and holding property in different names rather than doing a true estate plan with the will, or better yet, a trust. We see too many problems caused by people trying to just transfer the property during lifetime in order to avoid probate. While it avoids probate, it raises other problems and issues that are much harder to deal with than a probate would have been. So we advise using a true estate plan to transfer property generationally.

For more information on Transferring Property To A Beneficiary, a free initial consultation is your next best step. Get the information and legal answers you are seeking by calling (626) 385-6303 today.

Newell & Havens Attorney At Law

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(626) 385-6303.

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