Did you know property owners in California are eligible for tax relief if their property has been damaged or destroyed by a disaster or calamity such as fire, flooding, or earthquake? The law provides various types of property tax relief—from when the property was damaged or destroyed to later, once the property is rebuilt or if a different property is purchased.
Parents can transfer their home (or family farm) to their children without having the property reassessed to current market value and avoid paying higher property taxes.
An “intergenerational transfer exclusion” allows the taxable value of a property to remain the same for the person receiving the property as that of the person transferring the property.
Property owners in California who are severely and permanently disabled can transfer the taxable value of their homes upon change of ownership and avoid paying higher property taxes.
