Quote:
Originally Posted by look 171
One of my biggest concern is the reassessment of property tax once the house is passed onto your kids. The min you die, they start the process on today's market value and tax them accordingly. If they can't pay it, the county may lien and threaten to sell. I am so concern over this. JAVA, I have nothing else to add. I am next on retirement very soon at 59. But I may work for a few more years, who knows?
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Can you put your kids on the title now? One house across the street from mine in LA was occupied by an elderly woman and her daughter. The mother (in her 80s?) eventually passed away. The daughter (in her later 50s/60s?) continued living there for many more years. She continued at the same property taxation rate (per Property Shark?) despite her mother's passing. On paper, the house had last changed hands in the 1960s.