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I bought my current residence in California for 250K in 1996. I sold the house to a family trust in 2010 for 333K which was the payoff amount of existing liens. I was given a life estate for the title change but never recorded it. I am putting the title back in my name and agreed to pay the Trust 200K. The house appraised at 775K. What will the house access for, the 200K or 775K?
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Estate Litigation Attorney serving Redlands, CA
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Price Law Firm, APC
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Every time you sell a home, the tax assessor should reassess the value of the home for property tax purposes to the current fair market value. The purchase price is irrelevant, especially in a non-arms length transaction.
Answered on Apr 25th, 2016 at 7:52 AM