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Proposition 19 Family Inheritance Tax Benefits Reduced - Los Angeles Sentinel


Proposition 19 Family Inheritance Tax Benefits Reduced
By Jeff Prang, Los Angeles County Assessor
Published April 8, 2021
Jeff Prang
Proposition 19 was approved by the voters last November by a slim margin and it is creating tremendous uncertainty and confusion among taxpayers and assessors statewide.
Proposition 19 is a Constitutional amendment to Proposition 13 that allows seniors and the disabled to sell their home and buy a new one without experiencing an increase in property taxes. However, it is also a regressive policy that disproportionately impacts the ability of working-class and middle-income families to leave their homes to their children (and in some cases grandchildren) without them having to pay an increase in property taxes. ....

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California's Prop 19 Benefit Goes Into Effect – NBC Los Angeles


Updated on April 1, 2021 at 8:50 am
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Starting Thursday, California homeowners who are over the age of 55 or are disabled or victims of a natural disaster can transfer their previous property-tax base when they sell their home and purchase a more expensive one.
The benefit, which is part of Proposition 19 approved by voters during the Nov. 3, 2020 election, allows eligible homeowners to transfer their property s assessed value to a home up to three times more expensive. Under the previous law, homeowners could only transfer their base-year assessed value to a home of equal or lesser value.
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Assessors seek clarity of inheritance and other Prop 19 impacts : Larchmont Chronicle


LOS ANGELES County Assessor Jeff Prang.
California’s 58 county assessors are seeking clarification on the implementation of a new property tax measure with the hope to delay a provision that makes it more costly for children to inherit some homes from their parents.
Narrowly approved by voters last November, Proposition 19 partially took effect on Feb. 16, but according to Los Angeles County Assessor Jeff Prang, many homeowners are not yet aware of its impact.
To learn more about how the measure potentially impacts local residents, we asked Prang to explain his concerns.
Prang says the new measure makes “significant changes” to the California Constitution regarding tax benefits. “Homeowners who meet certain criteria now have expanded tax-saving options, but children who inherit property may face increases in property taxes,” he told the Chronicle last month. ....

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Proposition Benefiting Senior and Disabled Homeowners Takes Effect Today


By City News Service
Apr 1, 2021
LOS ANGELES (CNS) - Starting today, California homeowners who are over the age of 55 or are disabled or victims of a natural disaster can transfer their previous property-tax base when they sell their home and purchase a more expensive one.
“This is good news, Los Angeles County Assessor Jeffrey Prang said. “Eligible homeowners can now take advantage of the benefits that come from Prop 19, which will give them more flexibility if they choose to move to a home that better suits their needs, even if it s more expensive than their current home.
The benefit, which is part of Proposition 19 approved by voters during the Nov. 3, 2020 election, allows eligible homeowners to transfer their property s assessed value to a home up to three times more expensive. Under the previous law, homeowners could only transfer their base-year assessed value to a home of equal or lesser value. ....

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