The latter provision could have undermined Proposition 15, a measure sponsored by unions and other liberal interests, that would, if passed, require regular reassessment of all commercial property for tax purposes. Thereupon, a deal was struck by the realtors, legislative leaders and Gov. Allowing heirs to keep relatively low property tax values also dates from a series of decades-old ballot measures, but two years ago, an article in the Los Angeles Times revealed that multi-million-dollar homes were being maintained as high-dollar rentals, rather than occupied by heirs.
But the article also cited numerous other instances in which heirs took advantage of low property tax values to profit handsomely in the rental market. Its uncertain whether the cosmetically altered proposal, which was designated as Proposition 19, will fare any better than the bare bones version that voters rejected. We want to hear from you.
They floated a very similar initiative two years ago, which California voters rejected overwhelmingly. Closing the inheritance tax break will provide a budget boost to local governments and state firefighting efforts, at a time when the coronavirus pandemic has depleted public coffers. This is a giveaway to Realtors, who are twisting public policy to boost their commissions. Plus, adult children should have the right to do whatever they want with the property they inherited — without facing a crushing tax burden.
Covering elections showed me California votes were secure. California tackled bad jokes, cybersquatting to protect election. This activist says voting is just one tool to improve Black lives. State worked with social companies to remove election misinformation. Which California county voted the most? The least? If he had a home, he might have voted.
My vote wasn't going to affect the outcome. He wanted Bernie for president so he didn't vote. How Votebeat analyzed the election data. Meant to clarify, BallotTrax confused some voters. Retired colonel keeps the peace at Tulare County polling place. Wisely, voters rejected the initiative. The Realtors went back to the drawing board. They retooled their original property tax change, combined it with a proposal to eliminate a generous tax break for inherited property, threw in a funding promise for firefighters and convinced the Legislature to put the package before voters.
The result is Proposition 19, a cynical and unwelcome melding of good and bad tax proposals. Voters should reject it. Of all the unintended consequences of Proposition 13, perhaps the worst is that it fostered inequity and helped widen the generational wealth gap. Older folks who purchased their home a few decades ago pay significantly less property tax than, say, their younger neighbors who bought more recently.
Current law allows homeowners who are over 55, severely disabled or whose property is destroyed by a disaster to apply the artificially low valuation of their old homes to newly purchased ones, provided that the new home costs no more than the selling price of their old home.
Homeowners may take advantage of that portability provision just once, and only in the county where they live or in a limited number of participating counties around the state. That creates inefficiencies in the real estate market, with empty nesters sitting in big houses that could be sold to young families.
Proposition 19 would allow more homeowners to take their property tax breaks with them when they sell their home. Yes, this change would probably lead to more homes being sold each year. And the increase in sales might generate some additional tax revenue as a result of long-held homes being reassessed and taxed at their actual market value; some of that funding would be dedicated to fire protection.
It would grossly benefit those who were lucky enough to buy a home years ago and hold onto it as values skyrocketed. It would give them a huge tax break and greater buying power in an already expensive real estate market. Under current law, parents can pass their primary residence to their offspring without triggering a reassessment, as a sale would. The heirs get the tax break whether they live in or rent the home.
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