California SB284 modifies property tax assessments for family homes and farms.

California SB284 amends the Revenue and Taxation Code to exclude certain transfers of family homes and farms from property tax reassessments. Specifically, it excludes transfers between parents and children or grandparents and grandchildren if all parents are deceased. The exclusion requires a claim to be filed with the assessor and includes definitions for "family home" and "family farm." The bill also outlines procedures for filing claims and potential processing fees. It specifies that the state will not reimburse local agencies for lost property tax revenues due to this exclusion.

California SB284 modifies property tax assessments for family homes and farms.

California SB284 amends the Revenue and Taxation Code to exclude certain transfers of family homes and farms from property tax reassessments. Specifically, it excludes transfers between parents and children or grandparents and grandchildren if all parents are deceased. The exclusion requires a claim to be filed with the assessor and includes definitions for "family home" and "family farm." The bill also outlines procedures for filing claims and potential processing fees. It specifies that the state will not reimburse local agencies for lost property tax revenues due to this exclusion.