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Parent-Child Change in Ownership Exclusions -
- Transfers by sale, gift, or inheritance can avoid reassessment under Proposition 58. If a parent transfers a property to more than one child (shared ownership), each child should apply for the exemption for his/her share. Generally, the person acquiring the property must file a claim within 3 years after the date of transfer (if gift or sale) or parent's death (if inheritance), or the property is transferred to a third party.
You will not get the exemption automatically.
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