Does putting the house in a revocable living trust avoid Proposition 19?

No. A revocable living trust governs how property passes, not whether a transfer is a change in ownership for property tax purposes. This is one of the most common misunderstandings in this area and it is worth confirming your position with your attorney rather than assuming.

Do I have to live in the house to keep my parents' assessment?

The current rules require the property to be the principal residence of both the transferor and the transferee. Whether your circumstances satisfy that is a question for the County Assessor and your advisor, not for an appraiser.

Is the exclusion really $1,044,586?

That is the indexed amount for transfers between 16 February 2025 and 15 February 2027. It is added to your parents' factored base year value to produce the limit, so the limit itself is different for every family.

Can an appraisal guarantee I keep the lower assessment?

No, and any appraiser who suggests otherwise is overselling. An appraisal establishes a supported market value as of the effective date. Whether an exclusion applies is determined elsewhere.

Is this the same as the stepped-up basis I have heard about?

No. That is federal income tax under Internal Revenue Code section 1014 and it affects what you owe if you sell. Proposition 19 is California property tax and it affects the annual bill. They share a date and nothing else.

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