What are the time filing requirements of Propositions 58 and 193? Many heirs ask this question. In order to take advantage of these constitutional initiatives which provide property tax relief for real property transfers between parents and children and from grandparents to grandchildren, some requirements exist. These initiatives make it easier to keep property in the family by keeping these properties excluded from reassessment.
Propositions 58 and 193 Deadlines
Propositions 58 and 193 require family members file their claim with the county assessor’s office by the earliest of the following:
- Within three years of the transfer
- Before transferring to a third party
- Within 6 months after the mailing of the notice of supplemental or escape assessment, when it’s issued as a result of the transfer for which the claim is filed.
Keep in mind, if reassessment of your property occurs before the approval and processing of claim, and you filed in time, you can get the reassessment reversed. Then, a corrected tax bill will be processed. If you already paid, you’ll get a refund.
Missing The Deadlines Of Propositions 58 and 193
If you don’t meet the timing requirements, claims are subject to certain other conditions. For example, the claim will only apply to future tax years.
Do You Need A California Realtor Specializing In Probate?
We are experts in the probate sale under the probate code and trust law. So, we know the California Probate Code. We won’t let you get lost in it. If you need a realtor in California specializing in probate, please contact us today! We are upfront and honest about the costs of probate. Everyone wants to know about probate fees, but no one wants to talk about them. We will though. Sentinel Realty Partners wants our clients to be fully prepared and fully informed about buying or selling California probate real estate.
We have a list of the absolute best probate lawyers in California available for our customers. Plus, we also have relationships with the most vetted contractors, plumbers and electricians in California. See? We will guide you through every step of the process of selling (or even purchasing) a home involved in probate.
If you are buying a home in California, please have a look at our probate property search. If you need a Los Angeles, Orange County, Riverside, or San Bernardino professional to help you through the probate real estate maze, call us! These waters a murky, and you’ll want a knowledgeable, dependable, responsive team behind you. Check out Sentinel Realty Partners’ client reviews.