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
Restore Prop. 13 for our Children
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.
Children who can’t afford the new tax bill will be
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 is launching an effort to reverse the damaging property tax increase on inherited homes and businesses that was enacted with
A new bill that would defer implementation of Proposition 19 – a ballot measure that passed by a small margin in November – is designed