California BOE Issues Letter to Assessors on Intergenerational Transfer, Base Year Value Transfer Regulations

The California Board of Equalization (BOE) July 22 issued guidance for assessors on the recently issued emergency property tax regulations on the effect of changes in ownership on intergenerational transfers and base year value transfers. The emergency amendments became effective on July 18, 2022, and will expire on Jan. 18, 2023. The BOE will announce the commencement of an interested parties process to make the emergency amendments to Rule 462.520 and Rule 462.540 permanent in a future Letter to Assessors. [Cal. State Bd. of Equalization, Letter to Assessors, No. 2022/35, 07/22/22]

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