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Can your grandparent give a house to your parents and then to you to keep the property tax the same?
Wiki User
∙ 13y ago
Probably not.
The question makes no sense if you don't live in a place that has passed a California Prop 13-like law, since such places commonly reassess all property value periodically anyway and require all property be valued for tax assesment the same way and time. So those identical condos (or house models) will have the same tax assesment regardless of if one was last sold for $1 million and the other last sold for 500K.
However, in California (and places that have passed similar laws), the assessment is made at the time the property is transferred. Note that it says "transferred."
If your grandparents give you a house, that is transfer it to you, it would almost certainly involve many other tax things, including gift taxes, transfer taxes and more.
In Calif (and the few similar states) when ownership has transferred the valuation of the house for property tax purposes will change to its fair market value. Although it's "fair market value" is frequently considered to be the sale price, that is only in an open market transfer. When the sale price is influenced by things other than open market, say you sell a house to your child for a dollar, the assesment amount will be based on what the fair market would have been. (And again, those non-market transfers may have other tax issues). There are exclusions to the Prop 13 revaluation rules for certain types of things that may otherwise appear as transfers.
Your grandparents may want to have an estate attorney in the area they live discuss options that would accomplish their needs. Including something called a "life estate" which can be established to allow someone else the use of the property (while they or their beneficiaries still retain ownership), for "life of lives in being plus 7 years". However, how this can effect their potential medicare/medicade benefits may become the overridding consideration.
Wiki User
∙ 13y ago
It depends on the specific property tax laws in the area where the house is located. In some cases, a property that is inherited may qualify for a lower property tax rate under certain conditions. It's best to consult with a local tax professional or assessor to understand the implications of transferring property between family members.
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