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  • Parent/child Exclusion From Reappraisal Form - Arcc - State Of ...

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BOE-58-AH (P1) REV. 15 (06-11) This form may be filled in before printing ERNEST J. DRONENBURG, JR., ASSESSOR 1600 PACIFIC HIGHWAY, SUITE 103 SAN DIEGO, CALIFORNIA 92101 TELEPHONE: (619) 531-5848.

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This option is also known as the Gonsalves-Deukmejian-Petris Property Tax Assistance Law. If you are a California resident 62 or over, are a low-income resident, and/or have qualifying disabilities, you may be able to apply for cash assistance from the state for property taxes. What is this?

Transfers of the first $1 million of real property other than the primary residences. The $1 million exclusion applies separately to each eligible transferor. Transfers may be result of a sale, gift, or inheritance. A transfer via a trust also qualifies for this exclusion.

Filing Requirements: A claim form must be completed and signed by the transferors and transferee and filed with the Assessor. A claim form is timely filed if it is filed within three years after the date of purchase or transfer, or prior to the transfer of the real property to a third party, whichever is earlier.

The assessment of property taxes is an important consideration in any transfer of California real estate. An outright sale of property to an unrelated third party will usually trigger a reassessment at a higher tax rate. But some other transfers may be exempt from reassessment if structured correctly.

19 would narrow California's property tax inheritance loophole, which offers Californians who inherit certain properties a significant tax break by allowing them to pay property taxes based on the property's value when it was originally purchased rather than its value upon inheritance.

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.

2: Transfers of other real property interests (residential or commercial) of up to $1 million of total taxable value are exempted from reassessment, regardless of the fair market value of the property at the time of transfer. This $1 million exemption is per transferor/spouse.

Adopted in 1986, it shielded some transfers of real property between parents and children from a reassessment. Each parent or child was permitted to transfer a personal residence (regardless of the value) plus other real property with an assessed value of up to $1 million without triggering a property tax reassessment.

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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