I want to correct something since I know something about this.
[quote=bearishgurl]In addition, I believe the familial transfer deed should indicate -$0- in tax stamps (no money exchanged hands) or an amt in tax stamps <=to the current assessed value of the property. The Assessor Change of Ownership form should indicate that the transaction was a familial transfer.
Disclaimer: I am not an attorney and this post should not be construed as legal advice.[/quote]
Wrong. Ours was a traditional purchase with escrow and title company, mortgage, etc. It did NOT affect the transfer of the tax rate. We submitted all paperwork required to the county tax assessor – and if I recall correctly it included our (large) purchase price.
6.To qualify for the exclusion, must the transfer be only a result of a gift?
No. Transfers may be result of a sale, gift, or inheritance.
It should be noted that you are not required to apply the family transfer rate. If your parents bought at peak, then you inherit and the property is worth less – you can claim the current rate. And you’d be foolish not to claim the current rate.
