No it is one tax bills. I acquired my 50% years ago from my mother, so my 50% interest is safe with prop. 13. The house will be reassessed when I buy her out but 50% of the value of the house will only be taxed yearly. RIght now the house is worth about 850k but our yearly tax bill is only taxed...
So if the house is put into a trust and I buy her out it the house wont get reassessed? I have been told it will. I have talked to about dozen real estate attorneys/trust attorneys
I have consulted with a real estate attorney and the accessors office only my 50% will be reassessed at fair market value. That is because my ownership will stay on it
I own a home with my sibling at 50% tenants in common. When I buy her out her 50 % of the home will be reassessed. The house is worth almost 900k. Right now its only assessed at 119,000 due to our parents and proposition. Parents are not on the deed/title. Any way to buy her out and her 1/2 not...
I will give her 1/2 of fair market value. I have it because I own another home I will sell. over 300k, she does not have another home and will not be able to buy me out. The agreement year ago, notarized was for me to buy her out anyways. Complicated I know
Yes, I have plently of money to buy her out at 1/2 market value and no agreement on that regarding upgrades. I want to buy her out now and upgrade myself. Yes, I have money to do a partition lawsuit but would like to avoid it.
Yes, the written agreement saying "I get to buy her out" not her...
I'm on Title to a home 50/50 with a sibling. We have a family notarized agreement that in the death of our mother or severe illness I am the one who gets to buy out her, fair market value. We are in this situation now. I want to live in the home and so does she, she currently is. Do I have...