The change in ownership exclusion for a transfer of an interest in real property between cotenants that takes effect upon the death of one cotenant applies as long as certain conditions are met.
Section 75.12 of the California Revenue and Taxation Code provides that any real property on which new construction is completed shall not be added to the supplemental roll until the date the property, in whole or in part: Changes ownership; is rented or leased; or is occupied or otherwise used by the owner or with the owner’s consent, except as a model home or other use that is incidental to an offer or change of ownership, whichever comes first.
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.
The transfer of a principal residence between grandparent and grandchild 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.
Revenue and Taxation Code § 74.5 excludes from assessment that portion of an existing structure that consists of the construction and reconstruction of seismic components.
