Revenue and Taxation Code §62.3
Added by A.B. 1700
Effective date: January 1, 2013
The transfer of a deceased cotenant’s real estate interest to another cotenant is not a change in ownership triggering property reassessment for property tax purpose if:
- the transfer is solely by and between two cotenants who own 100% of the property in joint tenancy or as tenants in common;
- after the transfer, the surviving cotenant holds 100% interest in the property, resulting in a termination of the joint tenancy or tenancy in common;
- the property was co-owned and continuously occupied by both cotenants in the one-year period immediately preceding the transfer;
- the property was the principal residence of both cotenants immediately preceding the deceased cotenant’s death; and
- the surviving cotenant signs an affidavit affirming they continuously resided at the property with the deceased cotenant for the one-year period immediately preceding the transfer.
This exclusion does not apply if the transfer is relevant to another exclusion, e.g., the spousal transfer or parent-to-child transfer. In other words, the surviving cotenant may only claim this exclusion if they are not able to claim another exclusion which exempts the property from reassessment.
