California SB974 amends property tax rules for generational transfers of family homes and farms.

California SB974 amends Section 63.2 of the Revenue and Taxation Code to modify property tax assessments for generational transfers of family homes and farms. The bill specifies that certain transfers between parents and children or grandparents and grandchildren are exempt from reassessment if the property remains the principal residence of the transferee within a year. It also allows for a one-year extension to file for homeowners’ or disabled veterans’ exemption. The exclusions apply to transfers occurring after February 16, 2021, and include provisions for special needs trusts.

California SB974 amends property tax rules for generational transfers of family homes and farms.

California SB974 amends Section 63.2 of the Revenue and Taxation Code to modify property tax assessments for generational transfers of family homes and farms. The bill specifies that certain transfers between parents and children or grandparents and grandchildren are exempt from reassessment if the property remains the principal residence of the transferee within a year. It also allows for a one-year extension to file for homeowners’ or disabled veterans’ exemption. The exclusions apply to transfers occurring after February 16, 2021, and include provisions for special needs trusts.