No, it's $1m of taxable value increase is waived if and only if a parent's only home is sold/transferred to a child's only home.
Example 1: Bay Area home $1.7m; old taxable value $300k, new taxable value $700k (1.7m - 1m), prop taxes ~9k/year.
Example 2: Fresno home $700k; old taxable value $200k, new taxable value $200k (700k - 1m, so no affect)
Grandparent's home? Parent's second home? Child's second home? Uncle's home? Sibling's home?
No. Bay home is now $1.7m taxable, $21k/year
