News & Analysis as of September 18, 2024

Property Tax › Exclusions

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Property Taxes are taxes levied against the owner of property located within a particular jurisdiction. Property taxes are often used to refer to taxes on real property. Property taxation schemes vary depending on the country or jurisdiction. However, a popular system involves a government assessment of the value of a property and a rate based on a proportion of the assessed value. A property may be subject to taxation by multiple taxing entities. less -

California Proposition 19 Limits Parent-Child & Grandparent-Grandchild Exclusion

Weintraub Tobin on 1/6/2021

Since 1986, when Proposition 58 passed, certain transfers of real property between parents and their children have been excluded from reassessment for purposes of determining property taxes. Proposition 58 provided an...more

California Property Tax Changes to Parent-Child Exclusion

Sheppard Mullin Richter & Hampton LLP on 11/25/2020

Recently passed Proposition 19 will seriously limit the ability to transfer California real property to a child without causing a reassessment and higher property taxes. The new law takes effect February 16, 2021, so if you...more

Three Ways to Guard Heirs From Big Wine Realty Tax Bill

Farella Braun + Martel LLP on 5/9/2016

Estate-planning is often focused on reducing or eliminating estate tax at death. As the estate-tax exemption has increased in recent years — currently $5.45 million and counting — there is a shift to planning for income and...more

Machinery And Equipment Exclusion From Real Property Taxation

McNees Wallace & Nurick LLC on 12/5/2014

One of the more interesting issues under Pennsylvania real property tax law is what constitutes an "industrial establishment," entitled to exclusion from taxation as real property under 72 P.S. Section 5453.201(a), of the...more

California Senate and Assembly Vote to Extend Property Tax Exclusion for Solar

Foley & Lardner LLP on 6/25/2014

In furtherance of California’s commitment to renewable solar energy, the California Senate and Assembly recently passed Senate Bill 871 (SB 871) which, if signed, would extend the sunset date on the existing property tax...more

Living unmarried with a significant other? Listen up – New property tax exclusion!

Ervin Cohen & Jessup LLP on 1/7/2014

If you live with a significant other and you aren’t married, or even if you live with a friend, sibling, or more distant relative, you may qualify for a new property tax reassessment exclusion that became effective on January...more

PA Tax Law News -- September 2013

McNees Wallace & Nurick LLC on 9/12/2013

In This Issue: Commonwealth Court Denies Manufacturing Exclusion to Service Provider; PA Telecom Gross Receipts Litigation Finally Moving; Philadelphia Property Owners Take Notice! Reassessment Appeal Deadline...more

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