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Yes, that's the point of postponing the taxes. The retiree can live out their remaining life in the home, and the taxes are due when their heirs inherit it.
by jonas21 4y ago
Yes, that's the point of postponing the taxes. The retiree can live out their remaining life in the home, and the taxes are due when their heirs inherit it.
- 0xFACEFEED 4y agoYea I guess that makes sense. Although inheritance is a change of ownership and the new owner would see the home re-assessed, no? The other issue I see is that the deferment program is limited to very low income seniors (< $35k year or something like that). That's pretty low for a lot of places in the Bay Area which means not being able to go on road trips and do whatever it is seniors do in their twilight years.
- jdeibele 4y agohttps://en.wikipedia.org/wiki/1978_California_Proposition_13 https://en.wikipedia.org/wiki/1978_California_Proposition_13 "1986 Proposition 58 Proposition 58 allowed homeowners to transfer their principal residence to children without a property tax re-assessment, as well as the first $1 million (not indexed to inflation) in assessed value of other real property." Of course if the homeowner has more than one child it could get messy