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Anyone working in Spain here?
This will be reassessed only parent to child transfer keeps prop 13 basis
Further, prop 19 restricts this to principal residence that the child moves in to. Smh, all under the guise of helping wild fire victims
I'm very surprised the town hasn't automatically reassessed. A few of my properties have auto reassessed given the rise of property values so now I'm paying over 20k more across the board as a result. It's not really fair given my assessed value could fluctuate given the nosediving property values.
What’s less clear is that, upon death when I become the sole owner following the dissolution of the joint tenancy, if this triggers a change in ownership.
Could creating a joint tenancy and subsequently forming an estate where our shared interest is transferred to an entity in the estate help avoid the tax assessments down the line? Any feedback on this would be very appreciated.