HB 5141 Summary

• Amends the General Property Tax Act to redefine "transfer of ownership" and expand exclusions from property tax reassessment for transfers between family members.

• Beginning December 31, 2014, excludes transfers of residential real property to or from the transferor's or transferor's spouse's parents, siblings, children, adopted children, and grandchildren from triggering a taxable value adjustment.

• Expands trust and entity ownership transfer exclusions to include transfers among family members (as defined above) for residential real property when the property classification under section 34c does not change.

• Requires transferees to furnish proof within 30 days that they meet family relationship requirements when requested by the Department of Treasury or assessor, with a $200 penalty for non-compliance.

• Changes terminology from "settlor" to "transferor" throughout the statute and adds new exclusion for transfers of real property when ownership remains identical before and after the transfer between entities and individuals.