By Anu Joshi, CPA, Senior Tax Manager
ASL Family Wealth & Individual Tax Group
California Proposition 19 – Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020) – was approved on November 3, 2020, with a slim margin of 51.1% of voters supporting it. The proposition eliminates two provisions of Proposition 13 that were very beneficial to property owners. The effective date of the changes made by Proposition 19 are:
- For Base-Year Value Transfers – April 1, 2021, and later
- For Parent to Child Transfers and Grandparent to Grandchild Transfers – February 16, 2021, and later
What do these changes mean for property owners? (more…)