Inheriting valuable property in CA - Tax question
I have one sibling. We will be inheriting a valuable property (designer home on 1+acres of land) in the SFO Bay Area. Built in 1960, property taxes are extrememly low due to Prop 13. Home was paid off long ago. I have plenty of cash. My sibling does not.
Question: If I buy out my sibling and take full ownership, will this cause the property tax basis to be reset to today's level? (About 1% of the assessed value per month).
Any experienced RE Agents/Mortgage brokers out there know the answer?
Lynne in San Jose