Bill > SB284

This bill expands existing property tax rules that allow certain family property transfers without triggering a reassessment of the property's taxable value. Specifically, the bill modifies California law to include transfers of family homes and farms in cases where an eligible transferor has died prior to the transfer, allowing children, grandchildren, parents, and grandparents to transfer property without incurring a significant tax penalty. The bill clarifies that transfers by judicial decree will have their one-year periods for establishing residency or filing exemptions counted from the date of the final judicial decree. Additionally, the bill specifies that if a transferred property's fair market value is less than the existing taxable value plus one million dollars, no additional tax will be assessed. The legislation also adds that local agencies will not be reimbursed by the state for any property tax revenues lost due to these transfer provisions. The bill takes effect immediately as a tax levy, making it applicable right away to property transfers between eligible family members that might previously have triggered a property tax reassessment.

Budget and Finance

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