“For many Californians, a home or small business is their primary means of building a legacy to pass on to their children or grandchildren. The
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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.
In November 2020, California voters unfortunately narrowly approved Proposition 19, which is known as “The Home Protection for Seniors, Severely Disabled, Families, and Victims of
The COVID-19 pandemic hit many family-owned businesses hard. Now as California emerges from the crisis, those businesses are still struggling to stay afloat. There are