Question on prop. 19 (Los Angeles, San Mateo, Imperial: condominiums, buyers, tenant)

[Racer46]

Originally Posted by GoldKona

Is there a point here?

Good people do not want to hurt others.

[davdaven]

Originally Posted by Ultrarunner

I know several recording this week and I am not one...

Yeah, what a s***show. We couldn't find a real estate attorney to save our lives. Nothing some suggestions from a friend with a CPA, my background in city planning, and a few dozen hours of webinars and legal research couldn't solve! Wish we were dealing with a straightforward situation or any office other than the one in San Francisco, which can't be bothered to answer the phone. The implementation timeline for Prop 19 is absolutely absurd, and my sympathies to anyone who doesn't meet today's deadline (since the 12th and 15th are holidays).

[GoldKona]

Originally Posted by Racer46

Good people do not want to hurt others.

Then there must no be any good people. Hey, it was a perk that was voted in in 1986 and now it is being restricted by another vote. Things change. The good may be that now that heirs are not getting a $12,000+ tax benefit maybe they will sell bringing more housed onto market for homeowners and maybe it will slow the appreciation rate. That benefits more people so as Martha would say, "it's a good thing".

[nobodysbusiness]

Originally Posted by GoldKona

We are not talking about Prop 13. Prop 13 is alive and well. We are talking about Prop 19 that got rid of Prop 58. Geez, follow along.

Educate yourself!

https://californiaproposition58.org/...%20transferred.

You are TOTALLY WRONG.

https://www.cunninghamlegal.com/california-legal-services/california-prop-13-protection-prop-19-strategy/

[GoldKona]

Originally Posted by nobodysbusiness

You are TOTALLY WRONG.

https://www.cunninghamlegal.com/california-legal-services/california-prop-13-protection-prop-19-strategy/

Nah, it is you that has no clue what you are talking about. An inherited property is still covered by Prop 13. It is Prop 58 and Prop 193 that is being replaced/modified. Please educate yourself.

[GoldKona]

Originally Posted by nobodysbusiness

You are TOTALLY WRONG.

https://www.cunninghamlegal.com/california-legal-services/california-prop-13-protection-prop-19-strategy/

Cunningham legal must have had their 8 year old heir write that article. It is hilariously filled with misinformation. Hope they did not scam you out of your money!

[CA4Now]

Proposition 19, narrowly approved by California voters in 2020, gives older homeowners a property tax break when they move. Specifically, it allows those 55 and older to blend the taxable value of their previous home with the value of a new, more expensive home they purchase, resulting in significant property tax savings.

But processing delays at the Los Angeles County assessor’s office have left property owners like Liebermann facing hefty tax bills that must be paid while they wait for their applications to be approved.

Nearly a year after the law took effect, the assessor’s office has not completed any of the 1,271 applications it has received to recalculate the property taxes for older and disabled homeowners under the law, according to the agency. And it hasn’t finished any of the nearly 3,700 applications for parent-to-child and grandparent-to-grandchild inheritances, the other major piece of the tax measure.

https://www.latimes.com/california/s...erty-tax-delay

[Fastphilly]

It’s my understanding that if the child uses that inherited property as their primary residence then the property tax is not reassess. It only applies to secondary properties am I right? If so then there is a level of fairness here. But if that includes primary residence then we have a problem.

[CA4Now]

Originally Posted by Fastphilly

It’s my understanding that if the child uses that inherited property as their primary residence then the property tax is not reassess. It only applies to secondary properties am I right?

Correct.

[TacoSoup]

Originally Posted by Fastphilly

It’s my understanding that if the child uses that inherited property as their primary residence then the property tax is not reassess. It only applies to secondary properties am I right? If so then there is a level of fairness here. But if that includes primary residence then we have a problem.

Primary up to $1M. It’ll take awhile to see any real effect of people “having” to sell, or being straddled with insane property tax bills? Talk to any escrow agent from around this time last year and they’ll tell you there was a frenzy of parents adding their children to title before the February deadline.