[/caption]In Riverside County California - the county where Palm Springs and the Coachella Valley are located, property transfers between family members are exempt from property tax reassessment. Called proposition 58 this law allows for the transfer of Real Property between Parents and Children and Grandparents and Grandchildren without a change to the tax basis of the property.A claim for this exemption must be made within three years of the date of transfer.
If you have other property tax questions or Real Estate issues in Riverside County please feel free to contact me at 760-408-5300 Michael Layton, GRI, e-PRO Realtor
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