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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. 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. Claims filed more than 60 days after the date of the second notice of potential eligibility for exclusion from change in ownership will be subject to a $175 processing fee. (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.