Legal Question in Real Estate Law in California

That depends on how, when, and why it is transferred to you. If they are still alive and are deeding it to you, you and they are making a HUGE mistake. You probably can retain the current assessed value under Prop 13, but you will incur potentially huge other taxes. NEVER transfer property from parents to their child or children when they are alive unless it is part of a very carefully crafted estate plan under the guidance of a very skilled attorney. If they have passed away and you are receiving it by trust or will, you need to talk to a probate attorney about how to avoid unnecessary taxes.