SB 284
Property taxation: change in ownership: family homes and farms.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Revenue and Taxation
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Sign in to take action- Introduced
- Passed Senate
- Passed Assembly
- To Governor
- Became Law
Bill overview
This bill aims to expand the existing property tax exemptions for family homes and farms, currently available when the transfer occurs between specific family members. It proposes to extend this exemption to include transfers between eligible transferees, such as parents and children or grandparents and grandchildren, as long as the property continues to be used as a family home or farm. The bill also clarifies the requirements for claiming the exemption and addresses potential judicial decrees impacting the transfer timeline, while also stating that the state will not reimburse local agencies for property tax revenues lost due to this change.
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