The Parent/Child Transfer Exclusion allows certain transfers between parents and children to be excluded from reappraisal. It only applies to real property transfers that have occurred since November 6, 1986 when certain requirements are met and the application is filed.
Proposition 19 (Current Law)
Effective February 16, 2021
Applies to:
- A family home that is the principal residence of transferor and transferee
- A family farm and must continue as a family farm of the transferee
- Value limit of current taxable value plus $1,000,000 (as annually adjusted)
Proposition 58
November 6, 1986 to February 15, 2021
The following types of property may be excluded, if the appropriate application is filed:
- Transfers of primary residences (no limit)
- Transfers of the first $1 million of real property other than the primary residences
The exclusion applies only to real property transfers between eligible parents and children, not legal entities