When my mother passes I want to buy her 4 plex can I keep the same property taxes
Get Legal Help Today
Compare Quotes From Top Companies and Save
Secured with SHA-256 Encryption
When my mother passes I want to buy her 4 plex can I keep the same property taxes
She has 3 properties to sell I want to buy one. I am the executor of her trust
Asked on May 29, 2017 under Real Estate Law, California
Answers:
SJZ, Member, New York Bar / FreeAdvice Contributing Attorney
Answered 6 years ago | Contributor
In your state (California), property tax is based on the purchase price at acquisition (assuming the purchase price is within the realm of potential or reasonable fair market values--i.e. the government does NOT have to accept or believe an unreasonably low purchase price made to lower taxes, especially to family, an heir, etc.). So the property taxes you will have on the property depends on the purchase price. Here is a link to an informative, but somewhat long-winded, governmentwebsite about your state taxes:
http://www.lao.ca.gov/reports/2012/tax/property-tax-primer-112912.aspx
IMPORTANT NOTICE: The Answer(s) provided above are for general information only. The attorney providing the answer was not serving as the attorney for the person submitting the question or in any attorney-client relationship with such person. Laws may vary from state to state, and sometimes change. Tiny variations in the facts, or a fact not set forth in a question, often can change a legal outcome or an attorney's conclusion. Although AttorneyPages.com has verified the attorney was admitted to practice law in at least one jurisdiction, he or she may not be authorized to practice law in the jurisdiction referred to in the question, nor is he or she necessarily experienced in the area of the law involved. Unlike the information in the Answer(s) above, upon which you should NOT rely, for personal advice you can rely upon we suggest you retain an attorney to represent you.