Asked by John S, San Francisco, CA • Fri Dec 14, 2012
Hi, I was wondering if the experts on here can help with my question. My parents own a home, paid off, with both names on the deed. However, my Dad would like to remove his name from the deed of the house making my Mom the sole owner of the house. Are there any tax implications to this transfer? Will the home value still be same (property tax issues) or will property tax now be assess on the current market value? They bought this home 25 years ago, so property taxes is fairly low based on the current city formula. Multiple phone call to the Assessor office in San Francisco have resulted in multiple different answer (amazing how one department can't give one answer). Thank you in advance.
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