Potential Debilitating Property Tax Increase for California Heirs
Prop 19 would limit the availability of the parent-child exclusion for real estate tax assessments. California continued the attack on Proposition 13 in the last election through a few different propositions. Proposition 19 was one of the culprits. Prop 19 contains two important changes in California property tax assessments, one of which will financially impact many estates if action isn’t taken immediately. Two Primary Provisions The two primary provisions in Prop 19 address: (1) changes to the parent-child exclusion for residential transfers, and (2) changes to the transfer of taxa...
Source: wealthmanagement.com