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by 0xFACEFEED
1468 days ago
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Yea 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. |
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"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