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Wade Eric Norwood's Answers
- 3 Legal Answers
- 1 Legal Guide
5
Attorney answers:
If a personal home residence in California passes on to adult children when old homeowner dies----does the PROPERTY TAX change?
A personal residence can be passed from a parent to their children (adult or not) without reassessment provided that a timely and complete Claim for Parent-Child Exclusion is filed. The Assessor's office will review the Claim and notify the children if their claim has been approved. In addition, a parent can transfer property up to $1M in assessed value to their children without incurring reassessment. Claim forms are available from the County Assessor. The forms explain all the...
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2
Attorney answers:
Property Taxes in LA County, California: Square footage of basement of commercial units included in calculating assessed value?
Property taxes are based on the fair market value of property on the date it was acquired or constructed. Of course, the square footage of a building is relevant to its value. The square footage of parking or storage space is certainly less than first floor retail space. The Assessor's office would base their assessment on the fair market value of the cost of construction or more likely, the sale of comparable commercial properties. Since other street level retail/commercial properties...
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3
Attorney answers:
Property tax
There are three levels to challenging a property tax assessment: (1) request an informal review by the Assessor's office; (2) file an Application for Changed Assessment with the County's Assessment Appeals Board; and, (3) appeal the Assessment Appeals Board's decision to Superior Court. It sounds like the Assessor has refused to lower your assessment. The informal review process does not extend the time period for filing an appeal with the Assessment Appeals Board. Unfortunately, the...
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