CA AB2735

Excludes certain transfers of cotenancy interests in real property from being classified as a "change in ownership" for property tax purposes, provided the transfer occurs upon the death of one cotenant to the surviving cotenant between January 1, 2011 and January 1, 2021.

Requires both cotenants to have owned the property as joint tenants or tenants in common for at least one year prior to the transfer, with the property serving as the principal residence of both parties during that period.

Mandates the surviving cotenant sign an affidavit under penalty of perjury affirming continuous residence with the deceased cotenant during the one-year period preceding the transfer.

Specifies no state reimbursement shall be provided to local agencies for property tax revenue losses resulting from this exclusion, despite typical requirements under California Revenue and Taxation Code Section 2229.

Automatically repeals this provision on January 1, 2021, and takes effect immediately as a tax levy.