Property Tax Exemptions
Some transfers of California real estate between parents and children are exempt from reassessment. That means that your children might get to keep your low Proposition 13 taxes!
Your children may exempt from reassessment (1) your primary residence and (2) $1,000,000 of assessed value of other real estate. However, these exemptions aren’t automatic. Your children must timely and correctly apply for these exemptions.
Your children should seek legal advice when you pass away and before your real estate is transferred.
