Proposition 19 (play video below and beneath that is the link for the Prop 19 calculator), the property tax measure that effectively removed the Parent to Child Exclusion for the vast majority of properties in California, has had some recent updates

Inflation Adjustments: Proposition 19's main restriction is that it limited the amount of possible property tax exemption from parent-to-child to the current assessed value plus $1 million dollars. As of February 16, 2023, the State Board of Equalization changed that $1 million dollar amount to $1,022,600 for all transfers from February 16th, 2023 until February 15, 2023. The change is explained HERE.

How does inflation impact Proposition 19

Clarification of Property Tax Rules: Additionally, the State Board of Equalization has made an attempt two years after the implementation of this law to clarify certain examples of how the new exemption works. These examples include: how an exemption is removed and market value is applied if the child moves out of the house, partial exclusion due to future changes in ownership, and how the exemption is applied if the homeowners' exemption is not filed within one year of the parent's death. The literature can be found HERE.

Video on how to calculate Proposition 19 Property Taxes

Proposition 19 calculator: https://assessor.lacounty.gov/homeowners/proposition-19

For more information and for expert consultation on the Property Tax matters including but not limited to transfers, Proposition 13, Proposition 19, Parent to child transfers, contact:

Robert Slavin: 805.374.9500 x227 - EMAIL ROBERT

For an instant and detailed computer model analysis of how much a buyer might pay for your home, go here