Proposition 19: New Property Tax &
Inheritance Rules for California
On November 3rd, California voters approved Proposition 19, a measure designed to give homeowners more freedom to change residences while closing tax loopholes on inherited properties.
The measure, set to go into effect early next year, has two distinct parts, the first of which allows homeowners who are 55 or older, disabled, or lost their home in a natural disaster to transfer their tax base to a new home up to three times anywhere in California.
Previously, homeowners could only take advantage of a tax base transfer once in their lifetime, and only if they bought a replacement home in certain California counties.
The second part outlines the requirements for retaining…
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