CAL. Prop 13

[dosumi]

CA Prop 13

What is the name of your state? CA
CA prop 13.

If any part of the title is transferred to another person does that void the Prop 13 tax benefit?
My in-laws want my wife and her sister to buy their house. And they would give them a break on the price so they could afford the payments.
They would all end up about 1/3 ownership in the property and listed on the deed or title.

Thanks

 

[divgradcurl]

What is the name of your state? CA
CA prop 13.

If any part of the title is transferred to another person does that void the Prop 13 tax benefit?
My in-laws want my wife and her sister to buy their house. And they would give them a break on the price so they could afford the payments.
They would all end up about 1/3 ownership in the property and listed on the deed or title.

Thanks

Any change in the ownership will trigger a reappraisal under Prop 13. The above transaction would definitely result in a reappraisal.

 

[dosumi]

OK thanks for the info.
I thought that as the in-laws would still be part owners it would stay in effect.
I don't think they could swing it with adding in the current taxes. My sister in-law would be the only one living in the house.