CA - Proposition 19 - Inherited Property from a Parent/Grandparent

by Ryan Christensen 01/11/2021

Proposition 19 was passed and as part of the measure, children who inherit their parents’ houses will no longer receive a property tax break if they intend to keep it as a second home or rent it out.

This has a serious effect on the traditional parent-child exemption from reassessment under the original Proposition 13.

Previously, transfers of the principal residence of a parent, and up to $1 million of assessed valuation of other property, passed to children without being reassessed for property tax purposes, thereby preserving the benefits of Proposition 13 for heirs and trust beneficiaries.

Now, the exemption from property tax reassessment for property inherited from a parent (or grandparent if the parents are deceased) will only apply if the child occupies the real property and files a homeowner's exemption application within one year.

About the Author

Ryan Christensen

Responsive, Responsible and Resourceful - How Real Estate Should Be. This is the foundation of our continued success: responsive service, providing accurate and timely information, and demystifying the process. 100% of my business is referral based because I listen to my clients' needs and exceed their expectations. As a full-time real estate broker, I am the best advocate for both my buyers and sellers. I am always available, regardless of the time of day.

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I am both a licensed Real Estate and Mortgage Broker. Others choose to concentrate on one or the other. I provide a higher level of service and expertise than those who do not obtain this dual skill set, which differentiates me from other service providers. My decisions and advice are based solely on what is in the best interest of my clients. I use Real Estate Sales as a tool to make sure my clients get the home that meets or exceeds their needs. As a Mortgage Broker, I search for the best loans so I can offer lower rates and pricing than my financing competition. This certainly IS in the client's best interest.