Propositions 58 and 193 provide real property tax relief for transfers between parents and children and from grandparents to grandchildren. No doubt, this makes it more economical to keep property “in the family.” Sound too good to be true? It’s not.
In general, Proposition 58 states that real property transfers, from parent to child or child to parent, may be excluded from reassessment. Proposition 193 expands this tax relief to include transfers from grandparent(s) to grandchild(ren). In both cases, a claim must be filed within three years of the date of transfer to receive the full benefit of the exclusion.
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Assessor's Parent-Child and Grandparent-Grandchild Exclusions