Welcome to the SarahSitar.com Blog

2019-08-06 10:29:05
Real Estate Tax Savings for Families

Propositions 58 and 193 provide tax relief for real property transfers between parents and children and from grandparents to grandchildren making it easier to keep property “in the family.”

Usually when property is sold or transferred in California the property is reassessed at market value, which can cause increases in property taxes due to the increased value of the real property. 

These propositions allow the new property owners to avoid property tax increases when acquiring property from their parents, grandparents, children or grandchildren. The new owner's taxes are calculated on the established Proposition 13 factored base year value, instead of the current market value. 

The Prop 58 & 193 Guideline below give you a good overview of what’s involved.
 

If you are considering selling your home to your children or grandchildren call me today for more information on how I can help your family through the process.

 

*Always consult a licensed tax preparer for specific tax related questions. For recommendations, please email me.





 
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