SB 284: Property taxation: change in ownership: family homes and farms.

This bill amends the property taxation law in California to expand the exclusion from classification as a change in ownership for family homes and farms. It allows for the transfer of a family home or farm between eligible transferees, such as parents and children or grandparents and grandchildren, without incurring ad valorem taxes. The transfer must continue as the family home or farm of the transferee and must become their principal residence within one year. The transferee must also file for the homeowners' or disabled veterans' exemption within a year of the transfer. The bill takes effect immediately and imposes a state-mandated local program on local tax officials. Reimbursement for costs mandated by the state is not provided.