(a) Notwithstanding any provision of this chapter, beginning on and after February 16, 2021, a change in ownership shall not include, in whole or in part, any of the following purchases or transfers for which a claim is filed: (1) The purchase or transfer of real property that is the principal residence of an eligible transferor in the case of a purchase or transfer between parents and their children or between grandparents and their grandchildren, if all of the parents, other than stepparents, of that grandchild or those grandchildren, who qualify as the children of the grandparents, are deceased as of the date of purchase or transfer. (A) The transfer is required to be of a principal residence of the transferor, and become the principal residence of the transferee within one year of the transfer. (B) The transferee shall file for the homeownersâ or disabled veteransâ exemption within a year of the transfer, and the exclusion shall be removed on the date an eligible transferee, or a subsequent eligible transferee who files for the homeownersâ or disabled veteransâ exemption within one year, is no longer eligible for either the homeownersâ or disabled veteransâ exemption. (C) If applicable, as of the lien date immediately following the date the eligible transferee or subsequent eligible transferee no longer qualifies for the exclusion provided by this section, the base year value established as of the change in ownership date to which the exclusion applied, adjusted annually in accordance with paragraph (1) of subdivision (a) of Section 51, shall be enrolled. (2) The purchase or transfer is of a family farm of an eligible transferor in the case of a purchase or transfer between parents and their children or between grandparents and their grandchildren, if all of the parents, other than stepparents, of that grandchild or those grandchildren, who qualify as the children of the grandparents, are deceased as of the date of purchase or transfer. (A) This exclusion shall apply separately to the transfer of each legal parcel that makes up a family farm. (B) For purposes of this section, each legal parcel that makes up a family farm shall be deemed to itself be a family farm, except for a legal parcel containing a family home. (C) A legal parcel containing a family home as described in subparagraph (B) may qualify separately for exclusion under paragraph (1). (b) The exclusions provided for in this section shall not be allowed unless a claim for the exclusion sought, pursuant to subdivision (f), is filed with the assessor. (c) A claim filed under this section is not a public document and is not subject to public inspection, except that a claim shall be available for inspection by the transferee and the transferor or their respective spouse, the transfereeâs legal representative, the transferorâs legal representative, the trustee of the transfereeâs trust, the trustee of the transferorâs trust, and the executor or administrator of the transfereeâs or transferorâs estate. (d) The new taxable value of the family home or family farm shall be the sum of both of the following: (1) The taxable value of the family home or family farm as determined in accordance with Section 110.1, with the adjustments permitted by subdivision (b) of Section 2 of Article XIII A of the California Constitution and subdivision (f) of Section 110.1, determined as of the date immediately prior to the date the principal residence or family farm is purchased or transferred to the transferee. (2) The applicable of the following amounts: (A) If the fair market value, as defined in subdivision (a) of Section 110, of the family home or family farm upon purchase by, or transfer to, the transferee is less than the sum of the taxable value described in paragraph (1) plus one million dollars ($1,000,000), then zero dollars ($0). (B) If the fair market value, as defined in subdivision (a) of Section 110, of the family home or family farm upon purchase
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