California BOE Adopts Property Tax Regulation on Intergenerational Transfer Exclusion

The California Board of Equalization (SBOE) Nov. 5 adopted a property tax regulation on the intergenerational transfer exclusion. The rule includes measures: 1) excluding principal residence or family farm transfers between parents and children, or grandparents and grandchildren, under certain circumstances, from a “change in ownership,” on and after Feb. 16; 2) clarifying that if transferees meet exclusion requirements, the property is assessed at its new taxable value; 3) setting procedures for calculating the new taxable value; and 4) requiring eligible transferors and transferees to file the SBOE’s claim form with the county assessor where the property is located to ...