Property value reassesed if change of ownership?

Profile picture for jim lusby
Five grandchildren inherit a property with a small cabin worth about $80,000.00.  Two would like to give up their 20 % ownership because of financial problems.  They cannot afford their share of the expenses (taxes, association dues, utilities, etc.)  The property taxes are low at about $550.00 per year.  Will the property be reassesed with a change of ownership



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January 04 - Twin Peaks
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Answers (2)

Profile picture for SoCal Appraiser
Depends but probably it WILL be reassessed at the full FMV (fair market value) value unless its a direct parent to child transfer. This MAY differ by county in California and how title is held. Consult an real estate attorney. At that value, though, it matters little.

If you need an appraiser to value the property for estate purposes, here is a link where you can find one in your area.....

https://www.asc.gov/National-Registry/FindAnAppraiser.aspx
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January 05
Profile picture for BobBrandtRealtor
You probably should call the County and ask them for the official answer in your particular county.
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January 04
 

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