This constitutional amendment would extend the existing parent-child exemption from reappraisal to sales or transfers of property between grandparents and grandchildren. These sales or transfers would be exempt only in cases where both parents of the grandchild are deceased, and would apply only to the sale or transfer of a principal residence and the first $1 million of other property. Grandchildren would not be eligible to receive the exemption--or would be eligible to receive only a reduced exemption--if they had already benefited from a purchase or transfer that was exempt from reappraisal.