Fixing Prop 19
Dear Friends & Neighbors, If, like me, you vaguely remember Prop 19 , it was approved by 75% of voters statewide in Nov of 2020, and was advertised by the Board of Equalization as "The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act." Many Californians do not realize this, but with the passage of this act, they have lost the right they had for more than three decades to transfer family property between parents and children without any increase in the property tax bill. Now, with only narrow and limited exceptions, property passed from parent to child is reassessed at current market values, resulting in massive tax increases. For example, someone who has just inherited a $2 million home from a deceased parent would be paying $20,000 in taxes, while a next door neighbor living in a similarly priced home is paying $2,000 for the same government services like road maintenance, schools, and trash collection. Does this...