CA SB284

Expands the existing property tax exclusion for family home and family farm transfers between parents/children and grandparents/grandchildren to also allow transfers between eligible transferees (such as siblings) within the one-year period to establish the property as a principal residence

Clarifies that when property transfers occur through a probate court judicial decree, the one-year deadline to establish principal residence and file for homeowners' or disabled veterans' exemption begins from the effective date of the final court order

Requires transferees claiming the exclusion in probate situations to notify the county assessor of their intention to claim the exclusion within one year of the transferor's death

Provides that the state will not reimburse local agencies for any property tax revenues lost due to this expanded exclusion

Takes effect immediately as a tax levy upon enactment