How will Proposition 19 affect the Parent-Child Exclusion?

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.

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1. How will Proposition 19 affect the Parent-Child Exclusion?
2. Does the first $1,000,000 in value represent the current market value, or the assessed value?
3. How many parent-child transfers of a principal residence may qualify under Proposition 58?
4. What is meant by child under Proposition 58?
5. What is the effective date of Proposition 58?
6. Which transfers of real property may qualify?
7. Who are the transferor and transferee?