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Small wonder California is broke. I would assume the inherited tax valuation was intended to preserve family homesteads. I can't fathom why they allow the valuation to carry forward when the property is converted to income-producing.
Thanks for all the replies.
Actually the property is already an income producing property as it is three units. I only moved out of one to be with my new wife in North England the last three years(she is English)as I was retired and she still has a business in Liverpool. That will be getting bought out in the near future as there is a major development going on and her little shop is right in the middle of it.
At some point I would like to move back into one of the units with my wife at least part of the year.
I think that the Parent to Child exclusion could be to prevent the children from having to sell the family property because of the tax burden regardless if they live there or not, which seems to be the case.
The taxes here in UK are pretty oppressive if you earn over a certain amount, and that amount does not seem that high to me. That's to pay for all the social welfare programs. They are starting to tighten that up a bit, as there is a fair amount of abuse.
Taxes are not the most important consideration in buying a home in he USA, but one of them. We enjoy a more rural life style and an area with natural beauty for walks and such is important to us, but still be fairly close to a medium size city for what it offers.
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