One of the primary purposes of placing a property into a Trust and to have a complete Estate Planning package is to avoid re-assessment of the property upon transfer to those that are inheriting the property.
If a transfer of real property results in the transfer of the present interest and beneficial use of the property, the value of which is substantially equal to the value of the fee interest, then such transfer would constitute a change in ownership unless a statutory exclusion applies.
An exclusion occurs when the assessor does not reassess a property because the property or portions of the property are automatically excluded from reassessment or is eligible to be excluded if the owner properly files a claim. The following abridged list covers most changes in ownership that are excluded from reassessment, either automatically or by claim.
Changes in ownership that require a claim to be filed to avoid reassessment include the following:
Changes in ownership that are automatically excluded from reassessment include the following:
Please see the California Board of Equalization for more information:
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