When a transfer occurs, the Assessor receives a copy of the deed and determines if a reappraisal is required under State law. If a reappraisal is required, a property tax appraisal is made to determine the market value (new base year value) of the property. The property owner is then notified of the new assessment and has the right to appeal the value.
The transfer of property between husband and wife does not require a reappraisal for property tax purposes. This includes transfers resulting from divorce or death.
In addition, the transfer of the principal place of residence (and the transfer of up to $1 million of any other real property, plus any appropriate annual factoring) between parents and children or between grandparents and grandchildren may be excluded from reappraisal if an exclusion claim form is filed and the property qualifies as a permanent residence for both the persons transferring and receiving the property.
To learn more about reappraisal exclusions available, visit our Tax Savings Available page.