Before Prop 19 went into effect on February 16, 2021, the parent-child exclusion enabled children to inherit their parents' real property without a property tax reassessment. After February 16, 2021, the parent-child exclusion now only applies if the child actually lives in the property as their primary residence. If the home is transferred to multiple children, all of the children must use it as their primary residence in order to benefit from the parent-child exemption from property tax reassessment.
The exclusion does not apply to vacation homes or rental properties (only to the parents' primary residence). Additionally, only the first $1mm of increased value can sheltered from reassessment of the primary residence.
My firm uses aggressive, advanced legal strategies to avoid property tax reassessments under Prop 19 when your kids inherit real property. This applies to the primary residence, vacaction home, and rental properties.
If you would like our help to plan for Prop 19, please contact us by completing the Get Help Now form below or call (818) 292-8160.