Proposed Adoption of Property Tax Rule 462.540, Exclusion from Change in Ownership – Base Year Value Transfers

On November 3, 2020, the voters of California approved Proposition 19, which added section 2.1 to article XIII A of the California Constitution. Section 2.1(b) creates a new base year value transfer any homeowner who is at least 55 years of age, or severely and permanently disabled, or who is a victim of a wildfire or natural disaster. This new base year value transfer becomes operative on April 1, 2021. Pursuant to the changes enacted by section 2.1(b), the State Board of Equalization (Board) proposes to add new Rule 462.540 to clarify the application of this new base year value transfer.

Date Description of Task
3/19/2021 Staff to release letter advising recipients of the project and inviting interested parties to submit proposed changes to the draft rules
4/16/2021 Deadline for interested parties to submit proposed changes, in the form of alternative text, to staff on the draft rule
5/25/2021 Board to authorize publication of new Rule 462.540
--- Staff to release letter announcing public hearing
--- Public hearing to adopt Rule 462.540