Time Is Ticking: Changes to California's Parent-Child Property Tax Reassessment Exclusion Take Effect February 15 | Davis Wright Tremaine LLP
To embed, copy and paste the code into your website or blog: California voters approved Proposition 19 in November 2020, which updates California's long-standing property tax reassessment rules. There are two major provisions of Prop 19: Parent-Child Exclusion The first major update limits the scope of Proposition 58, the parent-child exclusion, 1 which goes into effect on February 16, 2021. This change, which is discussed in more detail below, (1) eliminates the $1 million assessed value reassessment exclusion as to a parent-child transfer of non-principal residence property and (2) substan...
Source: jdsupra.com