CA SCA24

Restricts the principal residence intergenerational transfer exclusion to require that transferred property continue as the transferee's principal residence, and eliminates the $1,000,000 exclusion for other real property transfers between parents/grandparents and children/grandchildren, effective January 1, 2021.

Expands property tax base year value transfers for persons over 55 years old or severely disabled to apply to replacement dwellings of any value regardless of county location, removing previous restrictions on equal or lesser value and same-county requirements, effective January 1, 2021.

Expands disaster-damaged property base year value transfers to any replacement property regardless of comparability or county location, with prescribed calculation methods for properties of greater or lesser value, effective January 1, 2021.

Expands contaminated property base year value transfers to any replacement property regardless of value equality or county location, effective January 1, 2021.

Requires county assessors to adjust the $1,000,000 exclusion amount annually beginning January 1, 2022, based on the House Price Index for California for the prior calendar year's first three quarters.