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Xin lu, do you own your own place now?
You can actually save a lot more on prop taxes by just sending in some comps.
Shogun
Hi Financial Samurai,
We bought my in-law’s home last year since they left the country. If you want to read the story it’s here: . Since it was a parent to child transfer we were able to use Proposition 58 to keep their assessment from the early 90s plus 15 years or so of 2% increases from Prop 13. New comps are still 200k above our basis so we are fine where we are now. There is also a proposition 193 in California for grandparents to grandchildren transfers that doesn’t trigger reassessment. We had to file an application after we bought the home and have my in laws certify our relationship and pay a little application fee to the county, but it didn’t trigger a reassessment.
Obviously, this is a special case and I don’t know if there are similar laws in other states.
Hi Xin Lu – good stuff! Way to go on saving taxes and keeping that tax base low! Gosh, we hate taxes at our site….. but it is what it is.
I think it is absolutely FANTASTIC you are donating most of your blog revenue to the community. In fact, we’ve been thinking about that too since we started the site, and we’ll highlight your site as good inspiration as well
Good to see you went to Cal. Go Bears!
Shogun
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