I guess if my grandparents found a home in Simi Valley right now for $17k then they could qualify....??
You can transfer property tax rate through a sale of a property as well if it is a close relationship. I'm jsut trying to avoid the fees/costs in doing so and wanted to see if anyone knew of a good way to structure it.
The person selling the home can transfer. You are not that person in the original question. The only way for you to get their property tax rate is for you to inherit a home they buy in California 2 years after the sale of their last home in California...
The person selling the home can transfer. You are not that person in the original question. The only way for you to get their property tax rate is for you to inherit a home they buy in California 2 years after the sale of their last home in California...
Not entirely true. My brother purchased one of my parents rental properties and the tax rate was also grandfathered to him so I know it can be done.
Worst case scenario I guess I have to have my parents buy a place and than I'll purchase it off of them or be put on title as co-owner with right of surviorship or place in a living trust.
Thing is I want to be the person. Got to think outside of the box and get creative (legally of course). But I guess no one seems to have experience with it.
I believe the law was put in so older people with no kids would buy down(smaller) and free up larger houses. if your brother used it ,that might be the one time for your parents...
"Also note that this is a one-time exemption. The claimant and/or claimant's spouse or any co-owner must not previously have been granted the property tax relief provided by Section 69.5 of the Revenue and Taxation Code."
I believe the law was put in so older people with no kids would buy down(smaller) and free up larger houses. if your brother used it ,that might be the one time for your parents...
"Also note that this is a one-time exemption. The claimant and/or claimant's spouse or any co-owner must not previously have been granted the property tax relief provided by Section 69.5 of the Revenue and Taxation Code."
That wasn't the case at that time as they were not yet 55 and it had nothing to do with my parents than purchasing another property.
I'll check into this more, but I would look down this venue also:
place it in a in-vitros land trust with your parents being the settlor's with you being a 90% beneficiary on the house. Title remains in their name but the home is technically yours and you get all the tax write offs etc. A due on sale clause, if there is an existent mortgage with your parents, cannot be called by the mortgage company either.
I'll check into this more, but I would look down this venue also:
place it in a in-vitros land trust with your parents being the settlor's with you being a 90% beneficiary on the house. Title remains in their name but the home is technically yours and you get all the tax write offs etc. A due on sale clause, if there is an existent mortgage with your parents, cannot be called by the mortgage company either.
Then invest the extra $$ in one of those guaranteed 10% return funds... :hammerhea
I'll check into this more, but I would look down this venue also:
place it in a in-vitros land trust with your parents being the settlor's with you being a 90% beneficiary on the house. Title remains in their name but the home is technically yours and you get all the tax write offs etc. A due on sale clause, if there is an existent mortgage with your parents, cannot be called by the mortgage company either.
Thanks, this is what I was looking for. So would the loan have to be in their name as well?
bump to threa to show my new signature. Now only if I could get it to be my avatar.
Thanks, this is what I was looking for. So would the loan have to be in their name as well?
yes with you as a resident beneficiary. Just proof-read my last post and it is actually a inter-vivos land trust.
Cheerio
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