Bill > SB284

This bill expands property tax protections for family homes and farms by modifying existing law to allow more flexible transfers between family members without triggering a reassessment of property value. Specifically, the bill modifies California's property tax rules to exclude certain property transfers from being classified as a "change in ownership" - which would typically result in a property tax reassessment. The expanded protections apply to transfers between eligible family members (parents, children, grandparents, and grandchildren), including transfers that occur within one year of the original transfer. The bill requires transferees to notify the county assessor of their intention to claim the exclusion and file for a homeowners' or disabled veterans' exemption within one year. Additionally, the bill provides special considerations for transfers through judicial decrees and clarifies that the property's base taxable value can be preserved under certain conditions. The legislation also includes provisions that, if the state determines the bill imposes mandated costs, those costs will be handled through existing statutory procedures. The bill takes effect immediately as a tax levy, meaning it can be implemented right away to provide tax relief for family property transfers.

Budget and Finance

https://leginfo.legislature.ca.gov/faces/billStatusClient.xhtml?bill_id=202520260SB284