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Proposition 58 & 193
Parent/Child & Grandparent/Grandchild Exclusion Eligibility Requirements:

 

Proposition 58/193 Eligibility Requirements:

  • Contact your Local County Tax Assessor for eligibility requirements.
  • Transfers of real property between parents and children, and between children and parents are excluded from reassessment.
  • The sellerís or decedentís principal residence is totally excluded from reassessment. In addition, $1,000,000 of the sellerís or decedentís other real property is also excluded. There is a qualification to this rule under Prop 193.  If the grandchild had received property in the past that was excludable under Section 63.1 of the R & T Code as a principal residence, any principal residence that the grandchild receives from the grandparent is considered ďother real propertyĒ that is subject to the $1,000,000 limitation.
  • There is no value limit for excluding the sellerís or decedentís principal residence from reassessment. A Homeownersí Exemption or Disabled Veteransí Exemption must have been granted to the seller or decedent. This residence need not be the principal residence of the person who acquires the property.
  • The $1,000,000 exclusion, for real property other than the sellerís or decedentís principal residence, applies to the assessed value of property immediately before transfer. In other words, real property other than the principal residence, with an assessed value up to $1,000,000 is excluded from reassessment.

More information can be found at www.lacountyassessor.com

Contact your Local Tax Assessor for more information

 

Information deemed reliable but not guaranteed.

Charlie Dunn
Berkshire Hathaway HomeServices California Properties
11306 183rd Street, Cerritos, CA 90703
Direct Line: 562-430-4007
Make Yours a "DunnDeal" 

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