Prop. 19–which won voter approval in the November election–changes the game for children inheriting property from their parents. Effective this February 16th, Prop. 19 will disqualify transfers of business property, rental buildings and other property that’s not the “family home” from reassessment protection.
Additionally, for transfers of their principal residence from parents to their children, the property tax base will be reassessed unless the children meet residency requirements and the market value isn’t more than $1 million higher than the tax base value just before the transfer. Continue Reading