Grandparent-Grandchild
Transfers (R&T Section 63.1)
The Basics
• Real estate
that is transferred from grandparent(s) to their grandchild(ren)
may be excluded from reassessment
• Exclusion
is not automatic; there must be a timely filed claim with
the Assessor's Office
• Parents of the grandchild
must be deceased as of the date of transfer
•
The established Prop. 13 taxable value is not affected
by the transfer
• Taxes are calculated on the
established Prop.13 factored value
• $1 million
limit (taxable value) on transfers of non-principal residence
property
• No dollar limitation on grandparent's
principal residence
• Transfers directly between
legal entities (i.e., corporations, partnerships) that
are owned by grandparents do not qualify
In March, 1996, California voters approved Proposition
193, which expanded the parent-child property tax relief
under Proposition
58 to include transfers of real property by grandparent(s)
to their grandchild(ren). The provisions of this constitutional
measure apply only to transfers, including a change in
ownership arising on the date of a decedent's death, which
occur on or after March 27, 1996.
For more
information, or if you are not certain about the information
you are looking for, call the Santa Clara County Assessor’s
Office @ 408-299-5500
Contact
us for more info on Santa Clara County Proposition 193
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