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
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
- 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!