California law provides that under certain conditions a person may transfer the base-year value of his or her property to a comparable property if that original property has been taken by eminent domain, acquisition by a public entity or governmental action resulting in a judgment of condemnation.
The information requested in this form is essential for accurately evaluating the potential impact of the Sustainable Groundwater Management Act (SGMA) on property assessments.
Churches leasing a portion of its property to a Public School, Community College, State College, or State University, including the University of California, may be exempt from real and business property taxes.
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.
California provides a $7,000 reduction in the taxable value of a qualifying owner-occupied home. The home must have been the principal place of residence of the owner on January 1. To claim the exemption, the homeowner must make a one-time filing with the county assessor where the property is located. First-time filers may file any time after the property or claimant becomes eligible, but no later than February 15 to receive the full exemption for that year.
