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Property Values
bullet Is there an exclusion for transfers between parents and children? (Proposition 58)
  Proposition 58 (Parent and Child Transfers)

Proposition 58 is a constitutional initiative passed by California voters. It provides property tax relief by preventing the reassessment (change in base year value) of real property when it is transferred between parents and children. The transfer may be a gift, an inheritance or a title change such as adding or deleting a name. In order to receive this exclusion, either party must file a claim. In general, the claim must be filed within three years of the date of transfer (date of the recorded document or date of death), but before the property is transferred or sold to a third party.

For additional information, call the Assessor's Proposition Unit at (213) 893-1239. Claim forms are also available at all of the Assessor's office locations and online at the Assessor's forms webpage. Also, you may read more about Proposition 58 in the Assessor's brochure.
 
  Posted by Property Tax Portal, Monday, March 20, 2017

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