AB 2492 Summary

• Expands the definition of "change in ownership" for real property held by legal entities to include when 100% of ownership interests are sold or transferred in a single transaction, regardless of whether any one party acquires more than 50% of interests.

• Exempts transfers of 100% ownership interests between parents and children, or grandparents and grandchildren, from triggering a change in ownership.

• Requires the State Board of Equalization to notify assessors when a change in ownership occurs under the new 100% transfer provision and mandates filing of change in ownership statements within 45 days.

• Increases penalties for failure to file required change in ownership statements from 10% to 20% of applicable taxes.

• Requires two-thirds vote in each house of the Legislature and takes effect immediately as a tax levy.