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Bookmark or Share- Avoid California Prop 19 Tax Reassessment? : r/RealEstate - RedditOne million dollar exclusion. The PRE- prop 19 law is written such that an inherited house is not reassessed regardless of value. Investment properties like my dad’s rental are (until 2/15/22) subject to a 1 million dollar exclusion. Prop 19 obliterates these rules.
- Recommendation. Inheriting a property in California prop 19 tax?Prop 19, on the November ballot and which is forecast to pass, permits largely unrestricted portability of your Prop 13 basis if you exchange your primary residence within California, and as a concession ends the heritability of the Prop 13 basis unless the property is, and remains, a "family home" as defined by the Legislature**.
- Does anyone think Prop 19 will be repealed in the futureProp 19, for all its flaws, at least tries to bring some sanity back into the market by disincentivizing, for example, holding on to inherited homes so that they can be used merely as 2nd homes, keeping them from going onto the market and thus increasing supply.
- West Side homeowners want to repeal Prop 19 so their kids can avoid ...If so, Proposition 19 allows inheriting up to $1M of savings in the assessment (which is about a $1k/month savings on the tax compared to market rate). homes around West Portal seem to be about $2M, so the discounted tax would be about $1k/month. Is this saying that she cannot afford about $1k/month in property tax?
- impact of prop 19 on children who inherit property : r/bayarea - RedditProposition 19 does not affect the following, existing Proposition 58 parent to child exclusion from reassessment: a transfer of a primary residence from a parent (or child, the exclusion applies both ways) to a child (or vice versa as noted above), where the transferee (the one receiving the real property interest) uses the property as their primary residence.
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