Starting February 16, 2021, if you transfer your property to your children (or grandchildren, if the parents are deceased), via any means (gift, sale, hybrid, estate plan after your passing, etc.) that property will be reassessed to full market value for annual property tax purposes. Your children will no longer inherit your "prop. 13 basis" as had been California law for nearly 25 years. Only one limited exception will apply to primary residences valued under $1M, but all investment properties, even if the child plans to live in it, will be reassessed to full value upon transfer. This is potentially the largest property tax increase in California history.

For more information on Proposition 19, please contact me and or your tax advisor.

#california #proposition19 #residential


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