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  1. #1
    Join Date
    Mar 2009
    Posts
    6

    Default Proposition 58 and LLC in California

    My father died about 2 1/2 years ago. He was unmarried and I am his only child. I inherited his home in Marina del Rey, California. The home was in an LLC with my uncle; my father owned 50%, while my uncle owned the other 50%.

    I filed proposition 58 which states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Since my home was in a LLC or legal entity, I was denied exclusion. As a result, the property taxes went from about $1,800 to $12,000 per year.

    This doesn't make sense to me since there was no monetary transfer. Is there any way for me to dispute this?

    As always, any input is greatly appreciated.

  2. #2
    Join Date
    Sep 2005
    Location
    Behind a Desk
    Posts
    98,846

    Default Re: Proposition 58 and LLC in California

    An LLC is a separate legal entity, not a qualifying family member (even if wholly owned by a qualifying family member), so the property taxes get reassessed.

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