CA SCA2

Beginning April 1, 2021, owners of primary residences who are over 55 years old, severely disabled, or victims of wildfires or natural disasters may transfer their property's taxable value to a replacement residence anywhere in California, regardless of location or value, if purchased or built within 2 years of the original sale.

Owners over 55 or severely disabled are limited to 3 transfers of taxable value under these provisions; transfers to replacement properties of equal or lesser value retain the original taxable value, while transfers to higher-value properties increase the taxable value by the difference in full cash values.

Beginning February 16, 2021, transfers of family homes and family farms between parents and children, or grandparents and grandchildren (if parents are deceased), are excluded from reassessment if the property continues as the transferee's primary residence, with an exemption of up to $1,000,000 (adjusted for inflation every other year).

Establishes the California Fire Response Fund, funded with 75% of additional state revenues generated from the measure, to be appropriated exclusively for fire suppression staffing at the Department of Forestry and Fire Protection (20%) and underfunded special districts providing fire protection services (80%).

Creates the County Revenue Protection Fund, funded with 15% of additional state revenues, to reimburse eligible local agencies (counties, cities, special districts, school districts) that experience negative gains from implementation of the measure, with remaining balances transferred to the General Fund every 3 years.