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 Wildfire or Natural Disasters Act.” Under Proposition 19, homeowners 55 and older or that are disabled pay lower property taxes when moving to a new, more expensive residence by carrying over their previous home’s lower property tax assessment. However, also under Proposition 19, children or grandchildren who inherit property are now required to pay substantially higher property taxes unless they inherit the primary residence of the deceased and utilize that property as their primary residence. For those of us with second homes or that own rental properties, our descendants will pay substantially higher property taxes when inheriting our properties because of Proposition 19. Prior to the passage of Proposition 19, inherited property maintained the same, lower property tax assessment that existed previously.
Click here to read more at California Rental Housing Association.
