SACRAMENTO—The Howard Jarvis Taxpayers Association filed an initiative with the attorney general’s office on Thursday that aims to reverse the tax increase on parent-child transfers
Breaking News: Repeal the Death Tax Act
An initiative to protect Prop. 13 for our children – HJTA has filed an initiative with the Attorney General
Volunteer to collect signatures
Sign up now to help gather signatures for an initiative that will restore ability of parents to transfer property to their children without an increase in property taxes upon their deaths.
When petitions are ready, volunteers will receive flyers, imprinted pens, banners, petitions and complete instructions.
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Children who can’t afford the new tax bill will be forced to sell.
Previously under Proposition 58, passed overwhelmingly in 1986, a home of any value and up to $1 million in assessed value of other property could be transferred between generations without any change to the property tax bill.
But because of Proposition 19, that is no longer true. Now, all transferred property will be reassessed to market value as of the date of transfer. The only exceptions are a family home that becomes the permanent primary residence of the child within one year, and some family farms.
The new annual tax bill on the family’s property will be 1% of the current market value. Children who can’t afford the new tax bill will be forced to sell.
The Howard Jarvis Taxpayers Association today announced its strongest support for Assembly Constitutional Amendment 9, introduced by Assemblyman Kevin Kiley (R-Granite Bay) on Monday. ACA
The Howard Jarvis Taxpayers Association is launching an effort to reverse the damaging property tax increase on inherited homes and businesses that was enacted with