Prop 19: parents give the house to a child. What's the new tax?
Enter the assessed value from the tax bill and today's market value. See your child's tax if they move in, or if they rent it out. Numbers on open are an example.
$
$
%
$0
Parents today$0per year
Child moves in (Prop 19)$0per year
Child rents it out (full reassessment)$0per year
Exclusion cap$0
Market value above the cap added to the old value$0
Child's new assessed value$0
Child's property tax first year, estimate$0
Kept vs full reassessment per year$0
Kept over 10 years both values grow 2%/yr (Prop 13 cap)$0
Paperwork: file BOE-19-P with the county assessor within 3 years of the transfer, or before the house goes to anyone else, whichever comes first. The child also files the homeowners' exemption (BOE-266) within 1 year of moving in. Late filing only helps going forward.
Estimate. The cap $1,044,586 is for transfers from 02/16/2025 to 02/15/2027; it changes again in February 2027. Bonds and parcel taxes differ by city. The county assessor makes the final call.
Common mistake: "My parents' low tax passes to me automatically." Not since Feb 16, 2021. The child must make it their own home within a year, and only about $1.04M of value above the old base is protected. Plan to rent it out? It's reassessed at full market value, even if the parents lived there 40 years.
Next step
Gift now or leave it in the trust? The capital gains side is bigger: T323.
See every tax on this transfer (transfer tax, gift tax, basis): T320.
Parents 55+ moving to a new home? They can take their own tax base with them: T25.