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7-8307 - 1-877-885-7654 SIGNATURE OF TRANSFEROR OR LEGAL REPRESENTATIVE SIGNATURE OF TRANSFEROR OR LEGAL REPRESENTATIVE MAILING ADDRESS ( ) BOE-58-AH (P2) REV. 15 (06-11) C. TRANSFEREE(S) / BUYER(S) (additional transferees please complete C below) 1. Print full name(s) of transferee(s) 2. Family relationship(s) to transferor(s) If adopted, age at time of adoption If stepparent/stepchild relationship is involved, was parent still married to or in a registered domestic partnership (.

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Proposition 58 and 193 are constitutional provisions that provide property tax relief by excluding from reassessment the transfer of a principal residence and the transfer of up to one million dollars ($1,000,000) of other real property between parents and children or from grandparent to grandchild.

Proposition 58 in California Explained Proposition 58 allows parents to transfer property to their children without triggering a property tax reassessment. Similarly, Proposition 193 permits grandparents to transfer property to their grandchildren without facing property tax reassessment.

The first major update limits the scope of Proposition 58, the parent-child exclusion,1 which goes into effect on February 16, 2021.

This typically occurs upon the death of the trustor. Thus, the date of death is considered to be the date of change in ownership. Proposition 19 is clear that Proposition 58 applies to transfers that occur on or before February 15, 2021, and Proposition 19 applies to transfers that occur on or after February 16, 2021.

Thus, the law in effect as of the date of death will apply. Proposition 19 is clear that Proposition 58 applies to dates of death that occur on or before February 15, 2021, and Proposition 19 applies to dates of death that occur on or after February 16, 2021.

So long as the individuals and the legal entity have the same proportional ownership interests, the real property will not be reassessed when transferred to or from the entity or the individual. A and B can transfer property owned by them 50/50 to an LLC owned by them 50/50 without reassessment.

Gift/Purchase: Transfers such as a gift or purchase between parents and children are excluded with a completed Prop. 58 form. Principal Residence: Proposition 58 does not require that the parent or child use the transferred property as his or her principal residence.

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© Copyright 1997-2025
airSlate Legal Forms, Inc.
3720 Flowood Dr, Flowood, Mississippi 39232
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