Under select circumstances, homeowners can transfer the assessed value of their principal residence to a newly purchased or replacement dwelling, or transfer their real property to a child or grandchild without triggering a reassessment.
California law allows any person who is at least 55 years of age (at the time of the sale of original/former property) who resides in a property eligible for the Homeowners’ Exemption or currently receiving the Disabled Veterans’ Exemption to transfer the base year value of the original property to a replacement dwelling of equal or lesser value within the same county.
Real property sold or transferred between parents and their children, under limited circumstances, will not be reassessed.
Real property sold or transferred from grandparent to grandchild, under limited circumstances, will not be reassessed.
Proposition 110 allows homeowners who are severely and permanently physically disabled to transfer the base year value of their principal residence to a newly purchased or constructed replacement residence.
Links
[1] https://sfassessor.org/../../tax-savings/tax-relief/transfer-assessment-replacement-property-senior-citizens
[2] https://sfassessor.org/../../tax-savings/exclusions/reappraisal-exclusion-between-parent-child
[3] https://sfassessor.org/../../tax-savings/exclusions/reappraisal-exclusion-grandparent-grandchild
[4] https://sfassessor.org/../../tax-savings/tax-relief/transfer-property-tax-base-severely-and-permanently-disabled-owners