Proposition 19 passed recently in California. It requires that “inherited” homes that are NOT used as principal residences, second homes & rentals, be reassessed at “market value” when transferred.
The majority of voters who approved it MUST be renters. Why would any future property owner want to increase their own inherited property tax liabilities, in some cases, as much as15X higher, than what their parents have been paying thanks to Proposition 13 from 1978?
As a result, a multitude transferred
ownership, of their homes, to their children; before the proposition went into effect. That only bought them some time. The grandchildren will reap the costs when they die.
Good luck to all those heirs who now have to write big fat checks, every year, to the state of California.
Last edited by Hawkerdriver1; 11-11-2021 at 11:18 AM.