AB 1700 Summary

• Excludes transfers of cotenancy interests (joint tenancy or tenants in common) from property tax reassessment when the interest transfers to the surviving cotenant upon the transferor's death, effective January 1, 2013.

• Requires both cotenants to have owned the property for at least one year, both be owners of record, and the property be the principal residence of both parties immediately before the transferor's death.

• Requires the surviving cotenant to sign an affidavit under penalty of perjury confirming continuous residence with the transferor for the one-year period preceding the transfer.

• Prohibits state reimbursement to local agencies for property tax revenues lost due to this exclusion, despite the bill imposing new duties on local tax officials.

• Takes effect immediately as a tax levy.