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Parent/Child Change in Ownership Exclusion (PR58):
Transfers of real property from parents to children (or children to parents) may be excluded from reassessment if a claim is filed and certain requirements are met. This exclusion applies to a principal residence and up to $1,000,000 (taxable value) of additional real estate. This provision of the law is called “Prop 58”.
A claim for this exclusion must be filed within 3 years of the date of transfer in order to receive this benefit as of the transfer date. If a claim is eligible, but not filed timely, the exclusion will begin with the calendar year in which the claim is filed. Late-filed claims are subject to a $175.00 processing fee. The exclusion benefit applies to parent/child transfers made on (or after) November 6, 1986. The 3 year filing period applies to transfers occurring on (or after) September 30, 1990. (Ref. R & T Code Sec.63.1)
For more information see the California State Board of Equalization FAQs. You may also call the Assessor’s Office at (916) 875-0750 (8am-4pm), or FAX our office at (916) 875-0765.
A claim form (BOE 58 AH) for this exclusion can be found here.