Let’s say that your parents transferred you a property with a home on 15 acres of land. Is there a property size limit for excluding this property from reassessment if it’s your primary residence?
Actually, that’s a great question. Yes, only a reasonable amount of land can be considered part of the principal residence. So, 15 acres would actually exceed the amount of land necessary for a home site. The entire 15 acres couldn’t be considered all your principal resident for the purpose of excluding the property from reassessment under Proposition 58 and Proposition 193.
You can pick up forms from the Assessor’s website. If you prefer, call them directly at 213.893.1239. You’ll need to fill out the form entitled “Claim for Reassessment Exclusion for Transfer Between Parent and Child” (OWN-88).
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