Thursday, May 12, 2016

Property tax consequences on quit claim on Grant Deed in California?


Property tax consequences on quit claim on Grant Deed in California? - 1
Added (1). I bought a rental home 20 years ago. My sibling was a co-signer. But on the grant deed, it shows both of us as joint tenants. The property is located in California. If I remove my sibling's name off the grant deed now, my name will be the only one on the grant deed. Will the County reappraise the property and charge me much higher property tax? I have checks that I can prove that I'm the only person who pays for the mortgage, property tax, repairs, etc. In the past 20 years.
Added (2). On the IRS tax filing, I claim the property 100% all these years. So other than being on the deed of this house 20 years ago, my sibling had never done anything related to this house. Will the County consider this quit claim as a 50% sale of the property? Is there anything I can do so that when I take my sibling's name off the grant deed, the County will not reappraise the property and charge me higher property tax as if 50% of this house was sold?

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