Los Angeles Property - The Low Down On Property Tax Inheritance

 Prop 13

California Proposition 13 allows California homeowners to leave their home to their children, and also pass down the restriction on property tax increases. Proposition 13 has stricly limited property tax increase since 1978. This extends to inherited property, even inherited property than can be used for rental income. Only problem is officials report that L.A. County is losing money on these tax break homes, where they could have brought in $280 million in tax revenue last year. For now, it is a win for those inheriting property from family, looking to keep their property tax bill from increasing dramatically.

 Read more at LA Times: http://www.latimes.com/politics/la-pol-ca-california-property-taxes-elit...