Recorded Webinar Proposition 19 and What it Means for Inherited Rental Property
In November 2020, voters approved Prop. 19 which:
- Allows eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment.
- Increases the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three.
- Requires that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred.
Beginning February 16, Prop. 19 eliminates the parent-to-child and grandparent-to-grandchild reassessment exemption in cases where the child or grandchild does not use the inherited property as their principal residence, such as using a property as a rental house or a second home. Watch this class and learn more about this shift in property tax policy and impacts on property inheritance.
Presented by Jordan Marks, Taxpayers’ Rights Advocate for the Office of Ernest J. Dronenburg, Jr., San Diego County Assessor / Recorder / County Clerk