Property taxation: change in ownership: generational transfers: special needs trusts.
Vote required
Majority
Fiscal committee
No
Appropriation
No
Current location
Passed
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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 address generational transfers of real estate, particularly when involving special needs trusts. It revises the definition of ‘transfer’ to include inter vivos and testamentary trusts, specifically requiring that a special needs trust be considered an eligible method of transfer. The bill also clarifies certain conditions for property tax exemptions related to principal residences and family farms, including those involving transfers to family members and the establishment of special needs trusts.
Key provisions
- Defines ‘transfer’ to include special needs trusts as a method of property transfer.
- Clarifies eligibility for property tax exemptions for transfers between parents and children or grandparents and grandchildren.
- Specifies conditions for claiming exemptions related to principal residences and family farms.
- Addresses the assessment of property value in cases of transfer to a special needs trust.
- Establishes procedures for filing claims for property tax exemptions, including deadlines and notice requirements.
- Provides for a process for reassessment if a claim for exemption is not filed within specified timeframes.
- Requires the State Board of Equalization to create claim forms and instructions.
- Allows for a processing fee if a claim for exemption is not filed within the required timeframe.
Who is affected
- Property owners
Bill text
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Sponsors
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1 on record
Primary sponsor
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