Transfers of Property Between Parents and Children
PROPERTY TAX SAVINGS: Proposition 19 series
Did you know that parents can transfer their homes (or family farms) to their children without having the property reassessed to current market value and avoid paying higher property taxes? In November 2020, California voters approved Proposition 19, which provided what is known as an “intergenerational transfer exclusion” that allows the taxable value of a property to remain the same for the person receiving the property (the transferee) as that of the person transferring the property (the transferor), provided certain conditions are met. “Taxable value” means the property’s base year value plus inflationary adjustments, commonly referred to as the factored base year value.