Expert: Sue Bernstein - 3/12/2006

Question
My sister, brother and I inherited a home in the San Fernando Valley when our parents passed away. I got the property in our names. Our sister wants to buy us out (my brother and me).Can we quick claim it to her and will the property taxes change for her? and will she be able to keep prop 13?

Answer
Dear Wayne,

Quit claiming the property means that you are transferring the property to her for no value.  I am not sure that is what you had in mind.  If you sell it to her for the same value that Prop 13 is based on there should not be a change in her taxes. Prop 13 states that the taxes are based on the purchase price of a property.  I would further recommend that you call the County Tax Assessor's Office, tell them what you are planning on doing and ask them how it will affect the tax base.

Hope this helps.

Sue Bernstein
www.SueBernstein.com