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Proposition 19, The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act, was passed by California voters on November 3, 2020. The provisions of Proposition 19 that relate to the Parent-Child Exclusion become operative on February 16, 2021. Please visit the State Board of Equalization’s website at https://boe.ca.gov/prop19/ for the latest information available on Proposition 19 and how it will affect the Parent-Child Exclusion.
The value used is the Proposition 13 value (also called factored-base-year value) immediately prior to the transfer date. Basically, this would be the taxable value on the assessment roll.
There is no limit. However, each transferred residence must qualify as a principal residence.
Proposition 58 applies to any transfer of real property between parent and child on or after November 6, 1986, and to transfers between spouses on or after March 1, 1975.
The transferor is the current owner of property being transferred. The new owner is the transferee.