Recently many clients have asked why a property was reassessed when the property owner died. Any time there is a change of ownership of the property, the Assessor’s office reviews the transfer to see if it is a re-appraisable event.
The LA County Office of the Assessor's website states: “the Assessor’s Office must be notified upon the death of an owner within 150 days of the date of death, or if the estate is probated at the time the inventory and appraisal is filed. This form is required even if the decedent held the property in a trust.”
I have included the Assessor's link for the appropriate form and any additional information. Please note that even if the property is in a Trust, this form must be filed and if the heir(s) are not a spouse or kids, there will be a reassessment. Also keep in mind that if qualified for exclusion for reassessment, a Claim for Reassessment Exclusion for transfer between Parent and Child must still be filed.
For more information on property assessments, estate planning or for professional referrals, give me a call!