Property taxation: change in ownership: family homes and farms.

Senator Seyarto's property tax legislation expands existing exclusions for family home and farm transfers, allowing properties to remain within families without triggering reassessment under specific conditions. The bill modifies current law by extending transfer exemptions between eligible family members, including parents, children, grandparents, and grandchildren, during a one-year period following the initial transfer.

The legislation establishes that transfers resulting from judicial decrees will be considered effective as of the final decree date for purposes of the one-year exclusion period. To qualify, transferred homes must become the principal residence of the recipient within one year, and recipients must file for homeowners' or disabled veterans' exemptions during that timeframe. For family farms, the exclusion applies separately to each legal parcel, with parcels containing homes eligible for additional residential exclusions.

While broadening transfer options for families, the bill specifies that local agencies will not receive state reimbursement for any resulting property tax revenue reductions. The measure requires eligible parties to file claims with county assessors within three years of transfer or six months of receiving assessment notices. County boards may authorize processing fees up to $175 for late claims to cover administrative costs.