Can the death of an owner of real property result in a reassessment?
Yes. Real property is subject to reassessment as of the date of death. It does not matter if the property is held in trust, nor does the date of distribution enter into the equation. Property Tax Rule 462 states, “For purpose of reappraising real property as of the date of change in ownership (by will or intestate succession), the date of death of the decedent shall be used.” Therefore, it is important to notify the Assessor within 150 days of the date of death. It is also important to inform the Assessor if there is a surviving spouse, or if the property is to be transferred from the estate to decedent’s children. In the latter case, a Proposition 58 Exclusion form should be filed.
