Gifts of Real Property
As a general rule, under Proposition 13 California real property is not reassessed on an annual basis but only upon a "change of ownership". Property transferred to a spouse or to a trust for a spouse is exempt from Proposition 13 reassessment. Property transferred from a parent to children normally is subject to reassessment unless it comes under one of two broad exemptions (which generally includes step-children and in-laws) under Proposition 58 (an amendment to Prop. 13):
(1) Parent’s principal residence;
(2) Other California real property, but limited to a lifetime aggregate assessed value of $1,000,000.
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Estate Planning In San Jose
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