The constitutional initiatives provide property tax reliefs for real property transfers between parents and children and from grandparents to grandchildren. Collectively, they make it easier to keep the property "in the family". In general, Proposition 58 states that real property transfers, from parent to child or child to parent may be excluded from reassessment. Property 193 expands this tax relief from grandparent(s) to grandchild(ren). In both cases, a claim must be filed within three years of the date of transfer to get full benefit of the exclusions.
If you need more information, please call Peggy at (408) 859-1527 or send an email.