3 ms·
IIRC the taxable value (not sure of the technical term）goes up by up to $1MM
by rahimnathwani 4y ago
IIRC the taxable value (not sure of the technical term）goes up by up to $1MM
- throwaway_4ever 4y agoNo, it's $1m of taxable value increase is waived if and only if a parent's only home is sold/transferred to a child's only home. Example 1: Bay Area home $1.7m; old taxable value $300k, new taxable value $700k (1.7m - 1m), prop taxes ~9k/year. Example 2: Fresno home $700k; old taxable value $200k, new taxable value $200k (700k - 1m, so no affect) Grandparent's home? Parent's second home? Child's second home? Uncle's home? Sibling's home? No. Bay home is now $1.7m taxable, $21k/year