Prop. 19 comes into effect Feb 16
WHAT IS PROP 19?
Proposition 19 affects portable property transfer tax, mainly benefiting those over 55yrs old, the disabled, or those affected by wildfires or natural disasters. It would enable them to transfer their current tax assessment to a new residence of equal or lesser value.
WHO ELSE DOES IT AFFECT?
Under Prop. 19, a child inheriting a property from a parent or grandparent would need to make the property their primary residence or lose the previous tax assessment & be subject to current property tax rates.
HOW CAN THIS BE AVOIDED?
Transfer of Title Deeds submitted for recording prior to February 16th will not be affected by the changes of Prop 19.