The transfer of a principal residence between parent and child may be excluded from reassessment if the fair market value of the family home on the date of transfer is less than the sum of the factored base year value plus $1 million.
When real property is transferred, the new owner (buyer) must complete and file a Preliminary Change of Ownership Report (PCOR) with the County Recorder’s Office in the county where the property is located (Revenue and Taxation Code §480.3).
Property used exclusively for public schools, community colleges, state colleges, and state universities is exempt from property taxation based on its exclusive use for public school purposes. To receive the full exemption for property owned or leased on the January 1 lien date, the claim must be filed by February 15.
