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Maybe it will, maybe it won’t, but as long as the owner occupancy rate is over 50% (which it is), you have people aspiring to be homeowners, and smart renters who know their rent will go up more so than usual I don’t see the core of it being changed? Anyone with half a brain knows it’s the best thing going, and reassessing an older property isn’t going to lower a new homeowner’s liability.
As for prop 19 I’m hoping everyone got their kids on title before February 15th? I talked to a few escrow officers I know and they had to turn away tons of people inquiring doing this for them, as they were already busy with their old clients doing this. It didn’t help that the recorders offices were all by appointment to get it filed.
It will. The powers that be in Sacramento want it gone but Prop. 13 is still favored by a majority of voters. So, the way they plan to get rid of it is to slice it up--piece by piece. My guess it won't be long before rental properties are targeted.
You own a single family home and live in it? Great. You keep Prop. 13.
However, as soon as it is no longer your primary residence. You rent the property, use it as a vacation home or whatever...say good-bye to Prop. 13.
Hard to say... the values the last two years are off the charts... this 1960 original rancher of 1800 square feet could be pushing a 2 million in a few years if the last two years are any indication.
Despite that, granddaughter will pay the current 3 K if she lives in Grandma's house.
Two bills have already been introduced to delay Prop 19 because it's so confusing:
"Senate Bill 668, authored by Sen. Patricia Bates, R-Laguna Nigel in partnership with the Howard Jarvis Taxpayers Association, would delay implementation of the property inheritance provision until Feb. 16, 2023.
A two-year delay, Bates said, would give the state time to assess the issues. Families would also have additional time to seek professional advice on how a property transfer might affect potential tax liabilities. "
" Sen. Robert M. Hertzberg, D-Van Nuys, hopes to bring clarity to Prop. 19 through Senate Bill 539, which he introduced last month. "
Painting a house is not a reassessable event in CA, You are listening to buffons.
Italy...
Italy is also where I learned when children inherit a home it is not unheard of to partition it into individual living quarters... talk about multigenerational housing.
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