Prop 13: When Does the Assessor Re-assess in California?
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The state of California only allows two things that initiate a re-assessment: transfer in ownership (also called a transfer) and construction. A transfer in ownership is when any part of the ownership interest in the property has changed whether money changed hands or not. The Office of the Assessor will evaluate the transfer to determine if its assessable. If it’s an assessable change in ownership, the data is sent to the appraisal staff to determine or review the value and modify the base value accordingly. A change in ownership that isn’t assessable must have fallen within the parameters of an approved exemption. A transfer into a revocable trust or an inter-spousal transfer that are both examples of exemptions allowed in California articulated in our Inherited Property and Exemptions Guide detailed in the California Little Black Book.