We must reverse the tax increase in Proposition 19 – In November 2020, California voters narrowly approved Proposition 19 after a $50 million ad campaign convinced them that it was all about helping wildfire victims, seniors and disabled individuals move to a new home without paying higher property taxes.
Hidden in the measure, however, was a massive tax increase on property that is transferred between parents and children.
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.
Register now, it’s free! This important taxpayer webinar on will be held online on Wednesday, July 14, starting at 10:00 a.m.
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, transferred property will be reassessed to market value as of the date of transfer with only limited exceptions. Children who cannot afford the new tax bill will be forced to sell.
Find out what we are doing about it on Wednesday, July 14.
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