California SB293 amends tax code to exclude certain real property transfers from change in ownership, affecting parents-children and.

California SB293 amends the Revenue and Taxation Code to exclude certain real property transfers from change in ownership. This applies to transfers between parents and children, and grandparents and grandchildren, provided the transfer is the principal residence of the transferor and becomes the principal residence of the transferee within a year. The transferee must file for the homeowners' or disabled veterans' exemption within a year of the transfer. The exclusion applies separately to each eligible transferor and is limited to one million dollars ($1,000,000) of full cash value.

California SB293 amends tax code to exclude certain real property transfers from change in ownership, affecting parents-children and.

California SB293 amends the Revenue and Taxation Code to exclude certain real property transfers from change in ownership. This applies to transfers between parents and children, and grandparents and grandchildren, provided the transfer is the principal residence of the transferor and becomes the principal residence of the transferee within a year. The transferee must file for the homeowners' or disabled veterans' exemption within a year of the transfer. The exclusion applies separately to each eligible transferor and is limited to one million dollars ($1,000,000) of full cash value.