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BOE-58-AH (P1) REV. 1 (0 -1 ) CLAIM FOR REASSESSMENT EXCLUSION FOR TRANSFER BETWEEN PARENT AND CHILD DENNIS DRAEGER ASSESSOR-RECORDER-COUNTY CLERK COUNTY OF SAN BERNARDINO ASSESSOR'S OFFICE 172 West.

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First, reassessment occurs if a change in control takes place, resulting in a new owner who owns more than 50 percent of the entity. Second, reassessment is triggered if the original co-owners cumulatively transfer more than 50 percent in the entity, resulting in a change of ownership (R&T §64(d)). not applicable. 2.

Any transfer by a person—or by that person's spouse or registered domestic partner—will not trigger a reassessment if: The person transferring the property is the present beneficiary of the trust; or. The trust is revocable.

Completion of new construction or a change in ownership (“CIO”) triggers a reassessment to a new Base Year Value equal to the current fair market value, meaning higher property taxes.

1: A transfer of a parent's principal residence to a child is completely exempted from reassessment. The child succeeds to the parent's assessed value regardless of the value of the property or its assessed value at the time of transfer.

Any transfer by a person—or by that person's spouse or registered domestic partner—will not trigger a reassessment if: The person transferring the property is the present beneficiary of the trust; or. The trust is revocable.

Under Proposition 13 the Assessor values property only when there is change in ownership, new construction, or a decline in value.

As long as you do not transfer more than 50% of the LLC interests, no reassessment is triggered. Once you reach the 50% threshold, you can then distribute the property to the LLC members proportionately (as long as it is done proportionately per the membership interests, there is no reassessment).

Proposition 58, effective November 6, 1986, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property between parents and children. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code.

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© Copyright 1997-2025
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Form Packages
Adoption
Bankruptcy
Contractors
Divorce
Home Sales
Employment
Identity Theft
Incorporation
Landlord Tenant
Living Trust
Name Change
Personal Planning
Small Business
Wills & Estates
Packages A-Z
Form Categories
Affidavits
Bankruptcy
Bill of Sale
Corporate - LLC
Divorce
Employment
Identity Theft
Internet Technology
Landlord Tenant
Living Wills
Name Change
Power of Attorney
Real Estate
Small Estates
Wills
All Forms
Forms A-Z
Form Library
Customer Service
Terms of Service
DMCA Policy
About Us
Blog
Affiliates
Contact Us
Privacy Notice
Delete My Account
Site Map
All Forms
Search all Forms
Industries
Forms in Spanish
Localized Forms
Legal Guides
Real Estate Handbook
All Guides
Prepared for You
Notarize
Incorporation services
Our Customers
For Consumers
For Small Business
For Attorneys
Our Sites
US Legal Forms
USLegal
FormsPass
pdfFiller
signNow
airSlate workflows
DocHub
Instapage
Social Media
Call us now toll free:
1-877-389-0141
As seen in:
  • USA Today logo picture
  • CBC News logo picture
  • LA Times logo picture
  • The Washington Post logo picture
  • AP logo picture
  • Forbes logo picture
© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232