Property Tax Reassessment Exclusion

Prevent a tax increase – retain Attorney Rios!

In the real estate world, it is not uncommon to transfer property you own to a family member. Unfortunately, this can result in a property tax reassessment, causing a significant increase in the taxes your loved ones will pay on the property each year. With some forethought and planning, however, there may be a way to avoid all of this – a reassessment exclusion.

Attorney Shelley Rios is a Burbank real estate lawyer who has helped hundreds of individuals successfully manage their property transfers. She devotes a high level of dedication to every single case and thoroughly understands California’s real estate laws. For your best chance at a favorable outcome, consult with Attorney Rios.

Avoiding Reassessment by Way of Exclusions

One of the most common exclusions involves parents and children and grandparents and grandchildren. This exclusion is detailed under Proposition 58 and Proposition 193, essentially offering relief to in-the-family property transfers. Despite the benefits of such an exclusion, not just anyone can qualify. Eligibility requirements must be met in order to profit from the exclusion.

Parent & child transfers must meet the following criteria:

  • The property must be owned by the eligible transferor – either parent or child
  • You must be a parent or child
  • You must complete a Claim for Reassessment Exclusion for Transfer between Parent and Child form for a gift or real estate purchase between parent and child

Grandparent & grandchild transfers must meet the following criteria:

  • The property must be owned by the eligible transferor – the grandparent
  • You must be a grandchild whose parent qualifies as the deceased child of the grandparents
  • You must complete a Claim for Reassessment Exclusion for Transfer from Grandparent to Grandchild form for a gift or real estate purchase from grandparent to grandchild

To take advantage of this exclusion, you are required to file a claim within three years of the date that the property was transferred. A successful exclusion can prevent an increase in property taxes and help the new property owners save valuable money.

Schedule a free consultation with a Burbank real estate lawyer!

Without question, property laws are some of the most confusing pieces of legislature to exist in California. Rather than shouldering the weight of the details and complexities on your own, turn to Attorney Shelley Rios.

You can have confidence that she will handle your case with competency, allowing you to worry less about the minutiae of the transaction. Call 818.641.1692 to take advantage of the firm’s many years of experience!