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laviecharmee · Joined: 21 May 2009 Posts: 1 1.31 Dollars($)

We live in California. My mom was recently engaged and will be selling her house. She is offering me first chance to buy it for 240,000. (this is slighlty below market level) because of when she bought the house, she is covered under prop 13 and I beleive that under prop 58 she can transfer the house to me and the prop 13 would remain intact. My question is how can I do this and still get in as a first time home buyer? Does one exclude the possibility of the other?

jenkin7 · Posted: Fri May 22, 2009 1:08 am Post subject:

Hi laviecharmee,

The proposition 13 limits the maximum amount in property taxes to 1% of the assessed value of the property. This assessed value can change, but by a maximum of 2% in a year. However, a change in title will trigger a re-assessment of the property at the current market value. So, once your mom sells the house to you, it will be subject to a re-assessment. But if you had not owned a principal residence for the past 3 years, you can qualify for the first time buyer tax credit.

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Buying a house from my mom