Proposed Adoption of Property Tax Rule 462.520, Exclusion from Change in Ownership – Intergenerational Transfers
On November 3, 2020, the voters of California approved Proposition 19, which added section 2.1 to article XIII A of the California Constitution. Section 2.1(c) and (e) create a new exclusion from change in ownership for transfers of family homes or family farms between parents and children and, under certain circumstances, between grandparents and grandchildren. This new exclusion became operative on February 16, 2021, and is referred to as the "intergenerational transfer exclusion." Pursuant to the changes enacted by section 2.1(c) and (e), the State Board of Equalization (Board) proposes to add new Rule 462.520 to clarify the application of the new intergenerational exclusion.
|Date||Description of Task|
|3/5/2021||Staff to release letter advising recipients of the project and inviting interested parties to submit proposed changes to the draft rules|
|4/2/2021||Deadline for interested parties to submit proposed changes, in the form of alternative text, to staff on the draft rule|
|---||Board to authorize publication of new Rule 462.520|
|---||Staff to release letter announcing public hearing|
|---||Public hearing to adopt Rule 462.520|