The following is a glossary of terms that are associated with California Proposition 19 and this website.

3^rd Party Loan (Equalization Loan) – A loan made to a trust or estate to equalize the distribution ensuring each beneficiary receives the same value of the trust or estate’s assets

Acquiring Beneficiary – The child-beneficiary taking title to a property as their share of the distribution of a trust or estate

Base Value Transfer (BVT) – Benefit provided by Proposition 19 that allows one to transfer their property’s tax value to another property in California

Equalized Distribution – Every heir or beneficiary receives the same value of the assets of an estate or trust

Excess (Proposition 19) – The amount that exceeds the FBYV + $1,022,600 (increased from $1,000,000 on 2/16/2023). This is added to the FBYV to get the New Taxable Value

Excluded Amount – The amount excluded from taxation

Exemption (Proposition 19) – $1,022,600 (increased from $1,000,000 on 2/16/2023) + FBYV

Factored Base Year Value (FBYV) – The taxable value of a property

Full Cash Value (FCV) – What the property is worth in the marketplace

Illiquid Trust or Estate – A trust or estate that does not have enough liquid assets to make an even distribution to all beneficiaries or heirs

New Taxable Value (NTV) – The taxable value after adding any excess over the current property tax value

Non-Pro Rata Distribution – Each heir or beneficiary receives the same value, but different assets in an estate or trust

Original Primary Residence (OPR) – Property used as the base for a property tax transfer under Proposition 19

Personal Guarantee – A guarantee to make good on a loan if the borrower defaults

Pro-Rata Distribution – Each heir or beneficiary receives the same amount of each asset in an estate or trust

Replacement Primary Residence (RPR) – Newly acquired property receiving the property tax transfer

Revenue and Taxation Code 63.1 – a section added to the Revenue and Taxation Code that applies to parent-child and grandparent-grandchild exclusions for reassessment

Share and Share Alike – Every heir or beneficiary will receive equal shares of the estate or trust

Transfer Date (Proposition 19) – The date of death of the surviving spouse