Proposed Revision of Property Tax Rule 462.520, Exclusion from Change in Ownership – Intergenerational Transfers

Effective September 30, 2021, Senate Bill 539 (Stats. 2021, ch. 427) added section 63.2 to the Revenue and Taxation Code (RTC) to implement the intergenerational transfer exclusion of Proposition 19. RTC section 63.2(h)(2)), in part, requires the State Board of Equalization (Board), after consultation with the California Assessors' Association (CAA), to promulgate emergency regulations that implement the intergenerational transfer exclusion. Thus, the Board is utilizing the emergency rulemaking process to amend Rule 462.520 to clarify, interpret, and make specific the administration of the provisions of RTC section 63.2.

An emergency regulation is effective for 180 days, and may be readopted for two additional 90 day periods. Therefore, the Board will initiate a subsequent project to make permanent the amendments to Property Tax Rule 462.520 through the regular rulemaking process. Information on the Emergency Rulemaking Process and the Regular Rulemaking Process may be found at the Office of Administrative Law's website.

Emergency Regulation: Proposed Revision of Property Tax Rule 462.520
Date Description of Task
4/1/2022 Staff to release letter advising recipients of the project and inviting interested parties to submit comments on the proposed changes to the rule
4/29/2022 Deadline for interested parties to submit comments, in the form of alternative text, to staff on the proposed changes to the rule
5/24/2022 Presentation to Board for approval to publish proposed emergency amendments to Rule 462.520 (postponed)
6/28-29/2022 Presentation to Board for approval to publish proposed emergency amendments to Rule 462.520
7/18/2022 Emergency amendment approved by OAL, effective July 18, 2022
8/24/2022 Response to comments received during emergency rulemaking process
1/18/2023 Readoption of emergency amendment approved by OAL, effective January 18, 2023
Certificate of Compliance/Regular Rulemaking: Property Tax Rule 462.520
Date Description of Task
7/25/2022 Staff letter advising recipients of the project and inviting interested parties to submit comments on the proposed changes to the rule
8/19/2022 Deadline for interested parties to submit comments, in the form of alternative text, to staff on the proposed changes to the rule
8/24/2022 Response to comments received
8/30/2022 Board approval to begin certificate of compliance and regular rulemaking process and publish amendments to Rule 462.520
9/30/2022 Amendments published in the California Notice Register
11/17/2022 Public hearing and Board adoption of amendments
Response to comments received
1/5/2023 Readopt Notice With Text of Amendments
2/3/2023 15-Day Notice of Public Availability of Underline and Strikeout Text of Amendments