Purchase or newly construct residence within 2 years of sale.Revenue and Taxation Code section 63.2 (implements Proposition 19)īASE YEAR VALUE TRANSFER – PERSONS AT LEAST AGE 55/DISABLED.Revenue & Taxation Code section 63.1 (implements Propositions 58/193).File claim for exclusion within 3 years or before transfer to third party.File for homeowners' exemption within 1 year of transfer.File claim within 3 years or before transfer to third party.No change: parent(s) of grandchild, who qualifies as child(ren) of grandparent, must be deceased on date of transfer.Parent(s) of grandchild, who qualifies as child(ren) of grandparent, must be deceased on date of transfer.Grandparent-Grandchild Middle Generation Limit Eliminates exclusion for other real property other than the principal residence.Transferor lifetime limit of $1,000,000 of factored base year value.Value limit of current taxable value plus $1,000,000 (as biennially adjusted).

Principal residence of transferor and transferee.Residence and homesite (excess land may be excluded as 'other property').PARENT-CHILD & GRANDPARENT-GRANDCHILD EXCLUSION

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