What happens to the property taxes on a home if there is a Change In Ownership (CIO)?
CIO Exclusions to Reassessed Value:
The Assessor is required to assess property at its current market value when a change in ownership (CIO) occurs, which usually results in an increase in property taxes. There are, however, some changes in ownership that are specifically excluded from reassessment such as transfers:
- For refinancing purposes
- Between spouses or former spouses
- Between registered domestic partners
- Co-tenancy transfers under specific circumstances
- Between individuals and a legal entity that results solely in a change in the method of holding title.
- Between parents and children
- Between grandparents and grandchildren
Exclusions are subject to meeting specific criteria and have limitation. A properly completed, state-approved claim form submission may be required to be filed timely with the Assessor in order to qualify in the case of some of these exclusions. You may also be required to provide additional documents to support the claim.
*All information deemed reliable but not guaranteed.
For more information on Property tax Exemptions and Exclusions contact the California State Board of Equalization or the San Luis Obispo County Assessor’s Office