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It however has the unintended consequences of making housing unaffordable for their CHILDREN when they grow up and have their own families. But I don't think m
by dba7dba 9y ago
It however has the unintended consequences of making housing unaffordable for their CHILDREN when they grow up and have their own families.
But I don't think many house owners stop and think about that when trying to avoid that property tax.
- hiram112 9y agoNot 'their' children. It appears you can pass the home to a child or grandchild and the home is not reappraised at the actual market value. So now you've just created a new aristocracy based on hereditary privilege.
- yonran 9y agoThe Proposition 13 tax assessment can be inherited. If you have at least as many houses as family members, then your family benefits indefinitely from supply restrictions and Proposition 13. See the Legislative Analyst’s Office Report on the Property Tax Inheritance Exclusion (http://www.lao.ca.gov/Publications/Report/3706 http://www.lao.ca.gov/Publications/Report/3706) and my own how-to (https://blog.yonathan.org/posts/2017-10-transferring-prop13-assessed-value.html https://blog.yonathan.org/posts/2017-10-transferring-prop13-...).
- usaar333 9y agoThe problem though is that most children need their parents home before the parent wants to depart theirs.