Senator Patricia Bates (R-Laguna Niguel) announced today that she has introduced Senate Bill 668 in partnership with the Howard Jarvis Taxpayers Association to delay the implementation date of a provision of Proposition 19 (2020) from February 16, 2021, to February 16, 2023.
The delay would apply to the “Property Tax Fairness for Family Homes” (intergenerational transfer exclusion) provision, providing time for assessors, the Board of Equalization, and the Legislature to clarify ambiguities. The delay would not apply to the base year value transfer provision that will become operative on April 1, 2021.
Senator Bates said, “While Prop. 19 is now law, the measure is silent on some issues regarding implementation. A two-year delay will give the state time to clarify how it will implement the ‘Property Tax Fairness for Family Homes’ provision. It will also give families additional time to seek professional advice on how a transfer of property to children will affect potential tax liabilities.”
Click here to read the article in OC Breeze.