Parents can transfer their home (or family farm) to their children without having the property reassessed to current market value and avoid paying higher property taxes.
An “intergenerational transfer exclusion” allows the taxable value of a property to remain the same for the person receiving the property as that of the person transferring the property.
Property owners in California who are severely and permanently disabled can transfer the taxable value of their homes upon change of ownership and avoid paying higher property taxes.
