SB288 modifies property tax rules for family homes and farms in California, allowing certain transfers to avoid reassessment.

SB288 amends California's property tax laws to provide exclusions from reassessment for transfers of family homes and farms under specific conditions. Transfers between parents and children or grandparents and grandchildren are exempt if the property becomes the principal residence within a year. Transfers due to death are exempt if the transferee files a claim within a year of receiving a notice. The exclusions apply to each legal parcel of a family farm separately.

SB288 modifies property tax rules for family homes and farms in California, allowing certain transfers to avoid reassessment.

SB288 amends California's property tax laws to provide exclusions from reassessment for transfers of family homes and farms under specific conditions. Transfers between parents and children or grandparents and grandchildren are exempt if the property becomes the principal residence within a year. Transfers due to death are exempt if the transferee files a claim within a year of receiving a notice. The exclusions apply to each legal parcel of a family farm separately.