The smiths have decided to move to antigua. they are transferring the ownership of their $950,000 home in oakland to their daughter, renee. renee has heard about proposition 13 and is nervous about not being able to afford the increase in property taxes. does she need to worry?
a. in the state of california, transferring a principal residence of $2 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised and the taxes increased.
b. when the property is transferred from the smiths to renee, the full cash value for tax purposes will be adjusted to the current market value of the property. this will increase the property taxes considerably.
c. in the state of california, transferring a principal residence of $1 million or less from a parent to a child is considered a transfer exclusion. the property will not be reappraised nor the taxes increased.
d. none of the above
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