California Governor Signs Law Excluding Parent to Child Stock Transfer From Property Tax

The California Governor Oct. 9 signed a law concerning a reassessment due to a change in ownership for property tax purposes. The law includes measures: 1) excluding from the definition of “change in ownership” any parent to child transfer of stock in a corporation that owns the child’s residence, provided that the transfer of stock is due to the death of a parent or parents and the assessed value does not exceed $1 million; 2) requiring the assessor to report quarterly to the State Board of Equalization all transfers for which a claim for exclusion is made and the amount ...