Laws, Regulations & Annotations

Property Taxes Law Guide – Revision 2014
 

Property Tax Annotations


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P

625.0000 PARENT-CHILD TRANSFER

Annotation 625.0146

625.0146 One Million Dollar Exclusion. If parent-child claims are filed for multiple properties for which the full cash values of the total properties cumulatively exceed the $1 million limit, the transfer date determines which properties are to receive the exclusion. If the transfer date is the same for all properties, the transferees must decide which properties are to receive the exclusion. When competing claims are received and the combined adjusted base year values of the properties for which the claims are made exceed the available limit, the assessor's office should not grant any of the requested claims, but rather should notify the transferees that they must advise the assessor's office of the desired allocation between the claims. The transferees should agree upon an allocation of the available amount of the $1 million exclusion before any of that amount is granted to any transferee. C 9/29/2011; C 11/26/2012.