Boe 502 A Form – Fill Out and Use This PDF

Boe 502 A Form PDF Details

In the realm of California real estate transactions, the BOE-502-A form, officially known as the Preliminary Change of Ownership Report (PCOR), is a critical document that every transferee must complete before a property deed is recorded. Mandated under section 480.3 of the Revenue and Taxation Code, this form provides county assessors with the information needed to determine whether a full reassessment of the property's value is required for property tax purposes, or whether an exemption or exclusion applies.

Key Sections of the BOE-502-A Form

The BOE-502-A is divided into several sections, each designed to capture specific details about the property transfer:

• Part 1 – Transfer Information: Identifies the type of transfer, including whether it is a sale, gift, inheritance, or other transaction. The transferee must also state whether the property will serve as a primary residence.
• Part 2 – Other Transfer Information: Covers additional transfer scenarios such as foreclosure, trade, merger, or the creation or termination of a lease agreement. Any special conditions affecting the purchase price must be disclosed here.
• Part 3 – Purchase Price and Terms of Sale: Records the total purchase price, financing terms, and whether any personal or business property was included in the transaction. This section is used by the assessor to evaluate the fair market value of the property.
• Part 4 – Property Information: Specifies the type of property transferred, whether a manufactured home is included, and the condition of the property at the time of sale.
• Part 5 – Transferee Certification: A declaration signed by the buyer or authorized representative, certifying that the information provided is accurate and complete.

Who Must File the PCOR

California law requires that the transferee (buyer or grantee) file the Preliminary Change of Ownership Report with the county recorder at the time of recording the deed or other conveyance document. The county assessor's office uses the information on this form to determine taxable value and identify whether any property tax reassessment exclusions, such as the parent-child exclusion or the interspousal transfer exclusion, apply to the transaction.

Property Tax Exemptions and Reassessment Exclusions

One of the most important functions of the BOE-502-A is to help transferees claim applicable property tax exemptions. California's Proposition 13 limits the rate of property tax increases, but a change in ownership can trigger a full reassessment. Certain transfers are excluded from reassessment, including:

• Transfers between spouses or registered domestic partners
• Transfers from parent to child or grandparent to grandchild (subject to value limits under Proposition 19)
• Transfers that involve only a correction of a name on the title
• Transfers of a principal residence between co-tenants

By completing the BOE-502-A accurately and on time, buyers can ensure that any applicable exclusion or exemption is recognized by the county assessor, potentially preventing an unwanted increase in their annual property tax bill.

Filing Deadline and Where to Submit

The BOE-502-A must be filed at the time of recording the title document, typically with the County Recorder's office in the county where the property is located. Failure to submit the form on time may result in a penalty of $100 or more, as specified by the Revenue and Taxation Code. Even if the transferee believes a reassessment exclusion applies, the PCOR must still be submitted so that the county assessor can review the claim.