Just when I thought I was done with estate business from my mother's death, I got a property tax bill on her condo that we sold. I was confused because I thought that the bill should go to the new owner. I called the tax office in SF and discovered that a new law in CA means that her death triggered a reassessment such that we owe money on the difference between what her property tax bill was, based on the Prop 13 valuation at her purchase price, and the price for which the property was sold since none of her heirs made it their primary residence and applied for exclusion; we owe about $4500. We still have some money left in her account for unexpected expenses but not that much, so we will each have to cough up 1/3 of whatever is left to pay after I close out her bank account. The lady who talked me through the explanation on the phone blamed it on the voters who did not understand the proposition that had been placed on the ballot as part of a package about fire relief. I am mildly resentful but resigned.
Thursday, August 11, 2022
Death and taxes
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