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Our mother passed away. Her house has no mnortgage and is in a trust. My sister, brother and I are the subsequent trustees, so we now own the house. My sister and I are buying out our brother and will use the house as a rental due to the bad real estate market for selling. We want to keep the Proposition 13 property tax break. How do we accomplish this?

gmakerley · Posted: Sat May 21, 2011 9:39 am Post subject:

C...I know nothing about Proposition 13 other than what I just found on a website belonging to California Tax Data (try dot-com). It looks like a property under Prop 13 is reassessed upon transfer. Since ownership of the home has been transferred, I would have to believe that your property will be reassessed at this time.

However, my expertise is sadly lacking, so I suggest you contact your taxing agency - municipality, county...whatever entity is appropriate...and ask your question of them.

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