My mother owns a house in San Diego, which is taxed under the provisions of Proposition 13. The house is in her Trust. My sister and I are the executors and sole beneficiaries of the Trust.
When mom dies, assuming she doesn’t sell the house, my sister and I will inherit the house. Will we be taxed under Prop. 13; or will we be taxed at the going rate?
I don’t know the answer to your question, but I did want to clarify something you said. Your mom’s house is taxed “under the provisions of Prop 13”, but so is every other house in CA. I think you mean that it is taxed under the particular provision that rolled back tax rates to pre-1976 (IIRC, that was the roll-back year) levels. All other homes sold after Prop 13 are taxed at a fixed percent (1%) of the sales price, although local assessements can cause this to increase over time.
BTW, here a link to the whole proposition. It’s a long one…
Hamsters ate my first reply…
I can state, since I am in the exact same situation now re my late father’s home, that the answer is YES, you get the Prop 13 assessment.
Subsequent ballot measures extended Prop 13 protection to inheriting children AND grandchildren.
John Mace: The house was bought in 1965.
BobT: That’s good to know. Thanks.
In particular, it was Proposition 58 in 1986 that put the provision for children to receive the same assessment as their parents.
There is a $1 million limit however.
That same year, Proposition 60 was passed and that allowed people over 55 to move and keep their Prop 13 assessment if they stayed in the same county or moved to a county that agreed to participate.