Does the first $1,000,000 in value represent the current market value, or the assessed value?

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.

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