My son own a house. He wants to tranfer the title to us. According to prop 58, we can file an re-assessment exclusion to avoid property tax increase.

it is in Revenue and Taxation Code §63.1. You are required to file a form to claim the exemption. It is Board of Equalization  (BOE) form 58. It is available on BOE's website and your county assessor's website. When your son transfers the house to you and when you pass away or for any other reason transfer the house back to him, both times you will have to pay a county transfer tax of $1.10 per thousand dollars of value. Some cities have their own additional transfer taxes, to help fill deficits created by Prop XIII. In Oakland and Berkeley, it's an additional $15.00 per thousand dollars of value. "Thousand dollars of value" means that if the value is $100,001.00, you pay $15.00 x 101, not 100. They round up to the next thousand, not to the nearest thousand. Since it costs so much to make each transfer, I rarely see transfers from a junior generation to a senior generation. Why would you want to do this? If you appreciate this free advice, please remember to refer me to any friends or acquaintances who need a lawyer. Referrals are still our best source of new business. Do you have a revocable living trust to protect your heirs against probate? Probate takes forever, is expensive, and is annoying. Do your family a favor. Set up a trust, and put all your property, especially any real property, into the trust. Since it is revocable, you can change it, add to it, take property out of it, or even cancel it completely, at any time. We set up such trusts, provide a pour-over will as a back-up for any property that does not make it into the trust, provide you with blank durable powers of attorney for health care and financial decisions, in case you become incapable of making such decisions while still alive, and convey one piece of real property to the trust, usually the family home, for $1500.00. If you would like to hire me to do this, let me know, and I'll send you a list of the information I need. Dana Sack