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
7/2/2021 Staff to release letter announcing public hearing
August Board Meeting
8/24-25/2021		 Deadline for interested parties to submit written public comment on draft rule
August Board Meeting
8/24-25/2021		 Public hearing to adopt Rule 462.540
11/16/2021 Staff to release letter noticing modifications to the original text of the rule and addition of the addendum to the Initial Statement of Reasons, and inviting interested parties to submit written comments regarding the proposed changes.
12/1/2021 Deadline for interested parties to submit written public comment on the proposed changes. Written comments should be directed to Mr. Henry Nanjo, Chief Counsel, by telephone at (916) 274-3520, by e-mail at henry.nanjo@boe.ca.gov, or by mail at State Board of Equalization, Attn: Henry Nanjo, MIC: 121, P.O. Box 942879, Sacramento, CA 94279-0121.
December Board Meeting
12/14-15/2021 		Scheduled for consideration and adoption of revised Rule 462.540.
12/30/2021 Approved by Office of Administrative Law, in effect January 1, 2022.
1/24/2022 Staff to release letter transmitting the final version of Rule 462.540.