Property taxation: change in ownership: family homes and farms.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Appropriations
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Progress
Where this bill stands in the legislative process.
- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Overview
This bill modifies California property tax law to provide a more lenient treatment for transfers of family homes and farms. Specifically, it extends the one-year timeframe for eligible transferees to establish the property as their principal residence or family farm after a transfer, particularly in cases where the transfer occurs due to the death of the original owner and is governed by a court order. The bill also clarifies certain definitions and establishes procedures for assessors to handle these transfers, including requiring specific documentation and potentially imposing a processing fee for late claims.
Key provisions
- Extends the one-year timeframe for establishing a family home or farm as the principal residence or family farm after a transfer, particularly in cases involving a court order.
- Applies this extended timeframe to transfers resulting from the death of an eligible transferor.
- Requires eligible transferees to file specific documents with the assessor, including a copy of the court order, to demonstrate eligibility.
- Clarifies definitions related to ‘family home,’ ‘family farm,’ and ‘eligible transferee’ for the purpose of this legislation.
- Addresses the filing of claims for exclusion, including deadlines and potential processing fees.
- Specifies that the state will not reimburse local agencies for property tax revenues lost due to this legislation.
- Requires the State Board of Equalization to prescribe a form for claiming eligibility.
- Authorizes emergency regulations to implement the bill.
Bill text
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Sponsors
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1 on record
Primary sponsor
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