By Mary Korkodian, Trust & Real Estate Attorney
Since Prop 19 passed in June of 2010, the process of calculating property tax reassessment following a change in ownership remains a puzzle for many. Before Prop 19, the parent could transfer a principal residence to a child and avoid reassessment. If he or she transferred another type of property (an investment property) to the same child, it would be reassessed regardless of how much additional value was conveyed. After Prop 19, all properties within California receive a full reassessment when changing ownership if they aren’t being transferred to a spouse or domestic partner.