How does prop 19 changes the rules governing tax assessment transfers? Effective 4/1/21. Must be 55 years or older, or have severe disability or a wildfire victim. Allows transfer old property tax to anywhere in CA. Allows old property tax transfer to more expensive home with an upward adjustment. Transfer old tax up to 3 times in your lifetime.
How does the prop 19 affect inherited properties? Effective 2/16/21 If a child or grandchild uses the inherited property as primary residence, they will inherit parents old property tax with proper prop 19 documentation. Eliminates the parent-to-child and grandparent-to-grandchild tax assessment resetting exemption if the child or grandchild does not live as primary residence. If the inherited property is used as the primary residence but is sold for over $1 million above the property’s taxable value, an upward adjustment in assessed value will occur.
What does prop 19 do with changes in revenues? 75% of the revenue goes to CA Fire Response Fund. 15% of the revenue goes to County Revenue Protection Fund.
Please consult with your qualified California CPA or Estate Planning Attorney for their professional advice.