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Updated over 5 years ago,
Will transferring title triggering a city tax reappraisal?
hey all. I need the wisdom of this ever so intelligent website to answer some questions for me. My real estate agent, lawyer, and estate planner do not have a good enough response for this so I was thinking of reaching out to the forums because I am sure I cant be the only person who has experience with this
I have a handful of properties in Los Angeles, South Los Angeles, as well as Houston Texas / Missouri City Texas that are all currently under my/mywifes name under title
We are working on transferring these assets into an LLC for a few reasons, mainly to reduce liability and also restructure our ownership plan to hopefully scale up easier. I have a lot of equity built up in the properties - especially the Los Angeles deals, and I do not want to trigger a "reappraisal" so that my tax burden does not go up. I have setup LLCs just as a passthru entity for us however I dont know what will constitute a revaluation of price in Los Angeles. Texas I am less concerned about because its already market priced tax rates.
Anybody ever have experience in this? any guidance? yees yes yes I know i know you guys are not my lawyer doctor wife brother mother dad and nobody is holding you to anything , im just speaking generally! Legal disclaimers and what not.
Thank you in advance!