Certain transfers within families are excluded from the general rule that a change in ownership triggers reassessment of a property. These exclusions include transfers between spouses and domestic partners. This information focuses primarily on transfer exclusions between parents and children (Proposition 58).
Transfer of property between parents and children is not subject to reassessment; children will pay the same lower rate paid by their parents. However, there are significant limitations to this general rule. Please consult a tax specialist or an attorney before claiming this exclusion.
Each parent may transfer their principal residence and up to the first $1 million of the full cash value of another property to their child without automatically triggering a reassessment. Assessor Prang’s office is available to answer any questions and guide homeowners through this process.
For more detailed information on property transfers between parents and children, visit the Assessor’s website at: https://assessor.lacounty.gov
NOTE: This information is not intended as a complete guide regarding property tax laws. Information here has been derived in part from written and oral opinions from the California State Board of Equalization.