FPC #11: Property Tax Reassessment

One of the hidden costs of cheap estate planning is the unexpected and very unpleasant surprise of property tax reassessment:

  • What is the limit placed on annual increases in assessed property values in California?
  • Under what circumstances may a property be reassessed?
  • What is a Change in Ownership? What are the statutory exclusions?
  • How are entities treated vs. individuals?
  • What are the Original Transferor rules concerning joint tenancy?
  • What are the rules for trusts?
  • How do the Parent/Child and Grandparent/Grandchild rules differ?
  • What are the exclusions for entities?
  • What is the 64(d) trap?
  • What are the pros and cons of holding realty in an entity?

This is one of the focus topics we present on a revolving basis at our weekly “guntrust Challenge” competitions — part shooting match, part quiz show.

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