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Strategies to Minimize Property Taxes When Inheriting a California Primary Residence

My parents own a house in California valued at approximately 1.5 million, which they originally purchased for 350,000 and currently use as their primary residence.

I anticipate either moving into the home or renting it out soon/after inheriting it. I want to understand how I can minimize the property taxes I would pay in either scenario.

I am aware of potential options such as the parent-child transfer exclusion under Proposition 19 or using a revocable living trust.

Could anyone explain the strategies available?

submitted by /u/Squidwards4Legs
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source https://www.reddit.com/r/RealEstate/comments/1qadlgb/strategies_to_minimize_property_taxes_when/
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