Re:High property taxes are good
by rahimnathwani on Wednesday July 20, 2022 @03:07PM
(#32170657)
IIRC the taxable value (not sure of the technical term）goes up by up to $1MM
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Re:High property taxes are good
by throwaway_4ever on Wednesday July 20, 2022 @07:23PM
(#32173729)
No, it's $1m of taxable value increase is waived if and only if a parent's only home is sold/transferred to a child's only home.
Example 1: Bay Area home $1.7m; old taxable value $300k, new taxable value $700k (1.7m - 1m), prop taxes ~9k/year.
Example 2: Fresno home $700k; old taxable value $200k, new taxable value $200k (700k - 1m, so no affect)
Grandparent's home? Parent's second home? Child's second home? Uncle's home? Sibling's home?
No. Bay home is now $1.7m taxable, $21k/year