Share to twitterLAS VEGAS - JULY 26: Actor Luke Perry smiles during a news conferene at the Video Software DealersAssociation's annual home video convention at the Bellagio July 26, 2005 in Las Vegas, Nevada. Perry is promoting the science-fiction film"Supernova" which will air on the Hallmark Channel in September 2005. Luke Perry’s passing on March 4, 2019 was a sad moment for many as his iconic role on Beverly Hills 90210 is forever etched in pop culture.
While both propositions independently create property tax relief, when you combine the two, it can have extraordinary benefits. For instance, imagine a home purchased for $100,000 in 1979. The property tax base would have been established at 1% of the purchase price or $1,000. This property tax base forty years later in 2019 would be $2,208. But let’s say the $100,000 home has increased in fair market value $1,000,000.
However, one area that makes this complicated is understanding the terms involved. For instance, the exclusion permits the transfer up to $1 million of assessed value . But assessed value is merely the property tax base, not fair market value. So provided the assessed value stays within the $1 million of assessed value, parents can transfer property that has increased by millions of dollars.
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