published on Could 11, 2021 – 10:16 AM
Prepared by Gordon Webster, Jr.
California voters narrowly handed Proposition 19 very last year, which was offered a way to support seniors, disabled men and women and wildfire victims who needed to move to a new property.
The real tale is that Prop. 19 is nonetheless a further assault on the assets tax protections introduced to us by Prop. 13 and other steps handed by the a long time in California.
Even though Prop. 19 does provide tax price savings for home proprietors 55 and in excess of if they sell a dwelling then go into an additional household, it also repeals two crucial residence tax protections on the books for decades.
I’ll enable the Howard Jarvis Taxpayers Association demonstrate these modifications, which really cuts to the heart of Prop. 19: It is intricate, which permitted it to act as a wolf in sheep’s garments on the ballot.
Prop. 19 repealed Prop. 58, a constitutional modification from 1986 that permitted parents to transfer a dwelling and constrained other house to their small children devoid of any transform to the assets tax monthly bill. It also repeals Prop. 193 from 1996, which extended Prop. 58 procedures to some transfers among grandparents and grandchildren.
These adjustments from Prop. 19 took result on Feb. 16, and proceed to confound assessors and the point out Board of Equalization by itself. Which is why Sen. Partricia Bates (R-Laguna Niguel) released S.B. 668, which would change the implementation day to Feb. 16, 2023. That looks like a widespread perception technique to deal with “a range of considerable thoughts unanswered,” as the Board of Equalization characterized Prop. 19.