LOS ANGELES COUNTY ***
My father's house was conveyed to his Trust back in 1995. When he passed away in Dec. 2016, I became successor Trustee, performing Trust administration as I learned it, with the help of a lawyer retained to coach me thru the process. In L.A. County, when a "Settlor" of a Trust passes, the Successor Trustee must file an affidavit of "Death of Trustee" with the county, along with a separate form noting a "Change in Ownership" (I disagree with their wording, but I digress). At that point, the real property apparently becomes potentially subject to property tax reassessment...that is until the Successor Trustee files a "Parent-Child Exclusion" form. It's purpose is to indicate the real property was a Parent to Child inheritance, and is thus exempt from reassessment. Well, it didn't matter one bit to L.A. County that I had filed the forms properly...I received a monstrous reassessment with thousands due in back and future assessments. The money grubbers in California bare their fangs again, and I'm upset.
Therefore, a few very basic questions: does a real property conveyed to a Trust exempt it from reassessment in Los Angeles County, or not? If not...what the hell is a Trust for? The only "change" is that a Trustee died, and another succeeded him. As an aside, the property will be sold in about two months, well before the majority of the reassessment bill is due. Am I liable for the full amount right away? The first installment is due in 30 days. I'm calling the Tax Assessor's office Monday to find out why my exclusion was denied. Any input on this dilemma? Thank you.
My father's house was conveyed to his Trust back in 1995. When he passed away in Dec. 2016, I became successor Trustee, performing Trust administration as I learned it, with the help of a lawyer retained to coach me thru the process. In L.A. County, when a "Settlor" of a Trust passes, the Successor Trustee must file an affidavit of "Death of Trustee" with the county, along with a separate form noting a "Change in Ownership" (I disagree with their wording, but I digress). At that point, the real property apparently becomes potentially subject to property tax reassessment...that is until the Successor Trustee files a "Parent-Child Exclusion" form. It's purpose is to indicate the real property was a Parent to Child inheritance, and is thus exempt from reassessment. Well, it didn't matter one bit to L.A. County that I had filed the forms properly...I received a monstrous reassessment with thousands due in back and future assessments. The money grubbers in California bare their fangs again, and I'm upset.
Therefore, a few very basic questions: does a real property conveyed to a Trust exempt it from reassessment in Los Angeles County, or not? If not...what the hell is a Trust for? The only "change" is that a Trustee died, and another succeeded him. As an aside, the property will be sold in about two months, well before the majority of the reassessment bill is due. Am I liable for the full amount right away? The first installment is due in 30 days. I'm calling the Tax Assessor's office Monday to find out why my exclusion was denied. Any input on this dilemma? Thank you.
Local Taxes: Real Property Under Trust Protected from County Reassessment?
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