irrevocable trust california prop 19diameter and circumference of a soda can in cm. CA DRE #00873197, New post (NSDCC Feb Sales & Pricing, Prelim) has been published on http://bubbleinfo.com - https://www.bubbleinfo.com/2023/03/01/nsdcc-feb-sales-pricing-prelim/, New post ($3,950,000 Beach Hut) has been published on http://bubbleinfo.com - https://www.bubbleinfo.com/2023/02/28/3950000-beach-hut/, I had a client that would based her choices for an apartment on her cat. I know that you are a realtor, and I commend you for at least recognizing the harm this will cause homeowners. Yet that really would be a political third rail. What is the craziest excuse you have ever heard from a client or prospect? That is why so many of the on line filing services do not record deeds in California, but will efile any other cases, like criminal, civil, family law. Transferring the real estate to an irrevocable trust may help avoid Prop 19 issues and may also preserve your step-up basis for capital gains tax benefits. Letter to Assessors No. But it is still considered a gift? In general, "equal or lesser value" means: One of the requirements of the Proposition 19 base year value transfer is that the original home must be. If there is a conflict between the information presented and the text of the proposition or its implementation, the text of the proposition or An inherited property may be considered an original home for purposes of the Proposition 19 base year value transfer, as long as you own and occupy the home as a principal residence either at the time of sale or within two years of the purchase or new construction of your replacement home. Thus, the law in effect as of the date of death will apply. What Prop 13 Gave to California Homeowners, What to look for in an Estate and Trust Lender. Ive had the following responses from various recording offices to filings Ive submitted in the past 30 days: Transfer value of a Gift Deed unstated in document (Um, its a gift deed, for no money?) For assistance or questions, please contact the Property Tax Department by phone at 1-916-274-3350 or by e-mail. They are on me about not practicing law here. The clerk told me that I would need to document the home value. Donations for the opposition of Prop 19 totaled only $395,947. Benicia, CA 94510, http://SiemontLaw.com An irrevocable trust is a trust whose terms can't be modified, amended, or terminated without permission from the beneficiary or beneficiaries. Will Commercial Property Owners Survive Without Property Tax Breaks? To assist taxpayers, below are comparison charts reflecting the effects of Proposition 19. If the parents were on a short runway, the additional appreciation between now and their death may not be much. They are going to try to get prop 19 repealed maybe during calendar 2024. When property is placed in a trust, assessors will look through the trust to determine whether a change of ownership has taken place. Agree how close is the county assessor going to be watching? Why a Property Tax Specialist is So Helpful When Inheriting Property in California, Why Consulting With a Property Tax Specialist & Trust Lender is Helpful When Inheriting a Home, Why Families Inheriting CA Property Should Borrow Against An Irrevocable Trust. Your email address will not be published. If it does exceed $1 million, it will be partially reassessed, but not to full market value. Under the provisions of Proposition 19. Proposition 19 base year value transfer claim forms are available from and filed with the Assessor of the county where the replacement home is located. So the cat would travel with us and they would put him down and if he was comfortable they would rent it. There is no legitimate legal basis to implement Prop 19 less than 60 days after it passed. When it comes to selling a home, there is, as they say, no free lunch. Only a written check is accepted. They are still allowed to move to a new residence to claim as their new primary? Stating that it was poorly written is the best understatement of the year. https://twitter.com/TheBrokeAgent/status/1630621959204769793. The courts are a ghost town. Kelly O'Shimada and Kelly O. Shimada (irrevocable trust), 950 Seven Hills Drive, Unit: 1512, Henderson, NV 89052 Find homes for sale, market statistics, foreclosures, property taxes, real estate news, agent reviews, condos, neighborhoods on Blockshopper.com . No adjustment to transferred base year value if the replacement property is of equal or lesser value than the original property's market value. 19 is not retroactive and wont apply to any property until it is transferred (or deemed transferred) after Feb. 15. Our goal is to provide a good web experience for all visitors. 2021/019 Proposition 19 Base Year Value Transfer Guidance Questions and Answers. Top Property Taxes Tavares. Proponents of Prop 19 advertised it as a benefit to wildfire victims and seniors but the real significance of Prop 19 would be the repealing of previously passed Prop 58 and Prop 193. Remaining Wary of Property Tax Reassessment in California! Prop 19 loans are also known as trust loans or probate loans depending on the current ownership of the inherited property. The undersigned certify that, as of June 18, 2021, the internet website of the California State Board of Equalization is designed, developed and maintained to be in compliance with California Government Code Sections 7405 and 11135, and the Web Content Accessibility Guidelines 2.1, Level AA success criteria, published by the Web Accessibility Initiative of the World Wide Web Consortium. So what happens if your kids inherit and make it their primary but move out later and convert to rental later. 2022/037 Property Tax Rules 462.520 and 462.540. Letter to Assessors No. I would love to participate in these meetings, but the timing shows its just window dressing. (Exclusion will be applied prospectively if filed after 1-year period. Evan Duderewicz (irrevocable trust), Evan Duderewicz (trustee), Amy Duderewicz (irrevocable trust) and Amy Duderewicz (trustee), 16960 Freshwind Circle, Jupiter (unincorporated), FL 33477 Find homes for sale, market statistics, foreclosures, property taxes, real estate news, agent reviews, condos, neighborhoods on Blockshopper.com. Sort of like the IRS holding public meetings on taxes on April 15th at noon. This huge tax benefit lets heirs avoid tax on the capital gains that occurred during the owners lifetime. Because the operative dates are part of the California Constitution, the State Board of Equalization (BOE) does not have the authority to extend or change Proposition 19's operative dates. Seniors can buy a more-expensive home, and only be taxed on the difference above the price of the home sold. The spousal exclusion will apply, said Steve Hartnett, director of education with the American Academy of Estate Planning Attorneys. On November 3, 2020, California voters approved Proposition 19, The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Creating an irrevocable trust could be a possible solution to avoid Prop 19 taxes. CA Proposition 19 Forces Changes to Prop 58, CA Proposition 19 Looking to Destroy Prop 58 Parent to Child Transfer Rights, CA Proposition 19 Looking to Destroy Prop 58 Property Tax Relief in California, CA Proposition 19 Rules and Property Tax Relief Calculations, CA Proposition 58 & Loans to Trusts driving Property Tax Breaks, CA Proposition 58 & Loans to Trusts ~ Interview with Tanis Alonso, CA Proposition 58 & Prop 193 Exclusion From Property Tax Reassessment, CA Proposition 58 & the Trust Loan Process, CA Proposition 58 and Low Property Taxes Forever, CA Proposition 58 Excludes Transfers of Property from Reassessment, CA Proposition 58 middle class tax relief, CA Proposition 58 Parent to Child Exclusion From Reassessment, CA Proposition 58 Parent-to-Child Exemption, CA Proposition 58 Positive Family Benefits, CA realtor Devin Lucas on benefits of Proposition 58 & Prop13, CA Realtor Support for Proposition 13 & 58 Tax Relief, CA Sibling-to-Sibling Inherited Property Buyouts, CA Split-Roll Trojan Horse Business Property Tax Up for a Vote in November, CA Split-Roll Property Tax Will End Up Increasing Commercial Rentals & Cost of Goods & Services As Opposed to Raising Surplus Capital for Schools, CA Split-Roll property tax would force many companies to go out of business, CA Trust Loan Equalizing Solution for Beneficiaries, CA Trust Loan Solution for Beneficiary Real Estate Disputes, CA Trust Loans & Proposition 58 Property Tax Benefits, CA Trust Loans Working in Concert with Proposition 58, California "Proposition 15" Split-Roll Property Tax Coming to a Vote in November, California BOE 19-P Parent-Child Transfer Form, California Economy is Hit Hard by a Pandemic Fueled Depression, California Parent to Child Property Tax Transfer, California Prop 58 Lenders & Loans to Irrevocable Trusts, California Proposition 13 Still Popular ~ 42 Years Later, California Proposition 19 Debate For and Against, California Proposition 58 and Loans to Trusts, California Proposition 58 plus a Trust Loan Equals Longterm Low Property Taxes, California Proposition 58 plus a Trust Loan Equals Low Property Taxes, California Proposition 58 plus Trust Loans & Low Property Taxes Forever, California Proposition 58 Trust Lenders and Loans, California Trust Loan ~ Proposition 58 Process, California Trust Loans & Proposition 58 Property Tax Relief, Californians Continue to Look Out For Property Tax Reassessment, Californians Learn How to Work With Prop 19, Californians Need Proposition 58 and Enhanced Property Tax Breaks. 1530 Peninsula Drive Tavares, FL 32778 . Proposed Adoption of Property Tax Rule 462.520. Under the new Proposition 19 rules, some property will no longer be exempt. Enter your email address to subscribe to this blog and receive notifications of new posts. However, if the full cash value of the replacement home is greater than the adjusted full cash value of the original home, the base year value of the original home may still be transferred to the replacement home, but with any excess value above the adjusted full cash value of the original home added on. BUT they still had plenty of property tax relief options left they were just a bit more challenging to access. A revocable trust generally becomes irrevocable when the grantor or trustor (i.e., the person who placed the assets into trust for his or her beneficiaries) passes away.Trust Assets and Inheritance DistributionAn irrevocable trust is generally preferred over a revocable trust if your objective is to reduce the amount of estate taxes by removing inheritance trust assets from your estate. clarification. In order to receive the Proposition 19 base year value transfer, a claim form must be filed after both transactions have been completed and you are living in the replacement home. The California Proposition 15 Split-Roll Tax is Coming Up for a Vote in November! The excluded amount under Proposition 19 is $1,300,000 ($300,000 + $1,000,000 = $1,300,000). I think this is where it could get dicey. This generally will trigger a reassessment to market value, unless it qualifies for a parent-child, spousal or other exclusion. I hadnt heard about the date being a requirement for moving in only for the transfer of ownership. While the Yes on Prop 19 advertisements promoted the fact beneficiaries would be able inherit their parents real estate and prevent a property tax reassessment, they failed to disclose that the Prop 19 property tax reassessment benefits would be severely limited compared to the existing Prop 58 and Prop 193 benefits. *Consult a trust or estate planning attorney or CPA prior to proceeding with a trust or estate distribution. Only preserves their property-tax basis if one of the inheritees moves into the home as their primary residence. Join the Howard Jarvis Taxpayers Association. Law offices of Kathleen Siemont Understanding Proposition 19 Rules and Calculations, Upon Inheriting Your Parent's Home ~ Keeping Their Low Proposition 13 Property Tax Base, US Pandemic Recession Needs Property Tax Relief Similar to CA Proposition 13, US Recession Fueled by Pandemic Needs Solutions Like Property Tax Relief, Well Known Property Tax Consultants in California, What are Good Trust Lenders Able to Provide to Beneficiaries, What Beneficiaties & Homeowners Need to Know About Property Tax Relief, What CA Proposition 19 is Likely to Accomplish, What CA Proposition 19 Will Accomplish for Californians, What Californians Should Know About Property Tax Relief. Remember that before Feb. 16, the exclusion applies to only $1 million in assessed value per transferor on property other than a primary residence. The Prop 19 loan is made directly to the irrevocable trust or estate with the loan proceeds going directly into the bank account of the trust or estate. But the downside of transferring assets to children now (within or outside a trust) is that the children generally will lose the step-up in basis that applies to appreciated assets when the owner dies. Another use for irrevocable trusts in terms of beneficiaries getting trust loans that work hand-in-hand with Proposition 19, is a parent to child property tax transfer managed by a trust lender making sure that the trust lender stays on top of the process, and ensures that keeping a parents low property tax base becomes a reality. Why Was Proposition 13 So Popular in 1978 When it was Passed by Voters? Even though you may own only a partial interest in the replacement home, you will be able to transfer your base year value to the entire replacement home. The process of recording deeds in the past 30 days due to Prop 19 has me pulling my hair out. Apparently also further enraging the realtor community AND the Legislature by also taking advantage of a certain Proposition 58 transfer of property these wealthy homeowners also take terrible advantage of the California tax system by using these Prop 58 tax breaks to buyout property shares inherited by co-beneficiaries as a transfer of property between siblings combined with the transfer of parents property taxes when they are in fact inheriting property taxes from a parent. Most people I talk to have no idea what Prop 18 actually means and seniors are devastated to think all they worked for is going to be taken away for taxes, exactly what Prop 13 was designed to protect. How Do California Families Takes Advantage of an Irrevocable Trust? Dramatic Changes to CA Property Tax Relief in 2020 2021, Due to Health Crisis in California Live Property Viewings at a Standstill, Evolution of California Proposition 13 Since 1978, Expanded Benefits for Seniors and Disabled Residents or Victims of Natural Disasters, Expansion of CA Property Tax Relief Benefits Under Prop 19, Financial Firms Help Californians Lower Property Taxes, Free Consultation to Lower CA Property Tax Base, Free Trust Loan Evaluation for California Beneficiaries of Trusts & Probate Estates, Freezing CA Property Taxes to Lower Expenses for he Middle Class, Getting an Irrevocable Trust Loan in California, Getting the Most Out Of Prop 13 and Prop 19, Getting the Most Out Of Property Tax Breaks, Growing Popularity of CA Proposition 13 & Prop 58 with California Homeowners. What parts of Props 60 & 90 are overwritten? California voters approved Prop 19 on November 3, 2020, through the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. So the California Association of Realtors and other supporters of a tax measure they called Proposition 19, in 2020, raised $63.8 million ($58.6 million from CAR) and $4.9 million from the National Association of Realtors. This strategy, of course, will have to be completed prior to the February 15, 2021 effective . To be clear, an irrevocable trust typically transfers assets out of an estate and potentially out of the grasp of estate taxes and probate, but it cant be altered by the grantor after it has been executed. 2022/025 Revised Proposition 19 Forms. The new taxable value will be the fair market value of the home on the date you inherited it, adjusted each year after for the inflation factor, and enrolled as of the lien date following the date you moved out. Proposed Adoption of Property Tax Rule 462.540, contact information for all 58 County Assessors, Letter To Assessors No. It is highly encouraged that you consult an attorney for advice specific to your situation. 2021/026, Base Year Value Transfers for GovernorProclaimed Disasters. Under Proposition 19, a homeowner may qualify for the base year value transfer under any one of the three categories listed; the homeowner does not need to meet all three categories in order to qualify. Proposition 19 is not retroactive and transfers that have already occurred under the benefit of Proposition 58 will not now be subject to reassessment. 2022/012 Implementation of Proposition 19: Intergenerational Transfer Exclusion, Letter to Assessors No. Other benefits of a trust include managing your money. If we inherit parents property from a trust or an estate we can still take advantage of Proposition 13 & 58 to access a large 6 or 7-figure loan to an irrevocable trust to buyout co-beneficiaries so we can own it solo, and keep parents low tax base frequently without a credit report, without up-front charges, with low interest, no hidden fees, usually in just a few days, and always with very simple terms unlike your typical bank or credit union. We strive to provide a website that is easy to use and understand. Property Taxes. There is a lot to digest I think it was poorly written. 19 wont affect people who own property in a corporation, limited liability company or other legal entity. There are actually two different effective dates: February 16 date for inheriting a property and moving in to preserve the parents low tax basis. 2021/008 Proposition 19 Intergenerational Transfer Exclusion Guidance Questions and Answers, Letter to Assessors No. The documents were filed in mid-November, and were returned by mail over a month later, on December 23rd with the check and a denial notice for the additional $35 due. These are used for tax planning, asset protection, and sometimes blended family or remarriage planning. Copyright 2023 | North Coast Financial, Inc. | All Rights Reserved | RE Broker CalDRE License No. While reducing the tax breaks for children inheriting homes in California, Prop 19 oppositely extends additional property tax protection(s) to qualifying California residents. Furthermore, even if the child uses the residence as his or her own, there is a cap of $1,000,000 on the exclusion, as explained below. Is this actually spelled out in the Proposition itself, or is this just how it will likely be interpreted? Note: Please visit the California Legislative Information website for the latest updates on legislation. Irrevocable Trusts - The transfer by the trustor of an ownership interest in a legal entity holding an interest in real property into a trust in which the trustor-transferor is the sole present beneficiary, or into a trust in which the trustor-transferor retains the reversion and the present beneficial interest of any other person does not exceed Since the replacement home was purchased (1) on or after April 1, 2021, and (2) within two years of the sale of the original home (in this case, on or before June 1, 2022), the timing requirements for the base year value transfer have been met. What happens when the kid who inherits the home dies does his kids get to keep the previous tax basis? 2021/054 California Code of Regulations, Title 18, Public Revenues, Property Tax Rule 462.520, Letter to Assessors No. Check with your attorney but it looks like transferring/assuming the property-tax basis would work if done before Feb 16th and you dont mind the potential income-tax on the gift. Katie Siemont Its just not right. The trustee is totally immaterial, Ho said. 3 Baths. in Entrepreneurship, also from San Diego State University. The 1994 taxpayers protection act was specifically intended to address surprise tax increases. In February 2021, the rules regarding the transfer of property from parent to child or children changed as it concerns reassessment. This site uses Akismet to reduce spam. This generally will trigger a. No one else. Recorders office will only take a physical check. Proposition 19, passed by California voters in 2020, significantly limited the application of one of the most common re-assessment exclusions, . How will this new law affect us. However, if youre gaining the financial advantage of a parents low property tax base going forward its generally worth the trade off.A revocable trust can help assets pass outside of an estate in probate, and allows you to keep control of the assets, as long as you are alive. There is no e-filing for recording deeds because you are required to have a wet signature original docs. However, if your son intends to remain living in the home, then under Prop 19, there would be no reassessment. To assist taxpayers, below you will find information on legislation related to Proposition 19. Is it Possible to Strengthen Property Tax Relief During a Pandemic? Not the buyers, or renters or owners. It has to be said that, with all due respect, that the realtor community in California is straining credibility. Especially after voters in California finally saw they had been deceived. 2. Letter to Assessors No. Under current law, parents can transfer by sale, gift or inheritance their primary residence to their children and it wont be reassessed, no matter how much its worth or how the kids use it. We simply cannot figure out why these rabid critics of property tax relief, practically foaming at the mouth, cannot locate another wealthy show business family to bring up when discussing this supposedly out of control practice of renting out inherited beachfront properties to vacationers at fairly egregious prices. For more questions and answers on base year value transfers, please refer to Letter To Assessors No. As long as all other requirements have been met, you should qualify for a base year value transfer. For example, an original home was sold and had a full cash value of $400,000 and a factored base year value of $100,000 at the time of sale. Again, Bridges being the only name ever used as an example, repeatedly in articles and editorials. You can set the terms of the trust to control when and who assets will be distributed to.You can set up a revocable trust so the trust assets stay accessible during your life while deciding who remaining assets will pass to, regardless of family complications. Attorneys say there may be ways to preserve the tax base and the step-up in basis, but they are too esoteric to get into here. Due to Covid-19, court staff is not available by phone or in person. California Proposition 19 is positioned as a "tax relief" as it broadens the accessibility and benefits of previous propositions 13, 58, 60 & 90 to "seniors, wildfire victims, and people with disabilities." . Interview with Tanis Alonso at Commercial Loan Corp. Intra-family Loans to Purchase Real Property vs Intra-Family Trusts For Trust Loans, Intra-family Loans vs Intra-Family Trusts, Irrevocable Trust Lenders and Property Tax Relief. There are no clarifying regulations at all, and it was sold to the taxpayers inaccurately. Transfers between spouses are always exempt. 2022/046 Notice of Publication of Notice of Proposed Regulatory Action for California Code of Regulations, Title 18, Section 462.540, Letter to Assessors No. You have to file multiple (five separate additional legal and tax forms) for your deed recording to be accepted. Another exclusion applies to transfers between parents and children, and between grandparents and grandchildren if the parents are not alive. So she told me to print out the Zillow estimate of the houses value as if thats a legal document. For those who transfer their primary residence or vacation homes to their children prior to Feb 16th, they may dodge the Prop 19 changes for now. Will Proposition 19 Tax Hike Be Repealed? It is not intended to be a legal interpretation or official guidance or relied upon for any purpose, but is instead a presentation of summary information. Letter to Assessors No. I was up until 2 am the night before preparing multiple deed packages to drive to three separate courts on Feb 11th. . Follow, I'm Jim Klinge, local broker affiliated with Compass. How Will Proposition 19 Impact Families in California? https://www.elderlawanswers.com/giving-your-home-to-your-children-can-have-tax-consequences-9667. See the California State Board of Equalization for additional information on Proposition 19. To assist taxpayers, the following tabs provide general information on Proposition 19. 19 will reduce or eliminate some generous tax breaks that families get when property is transferred between parents and children. 2 . California Proposition 19 Trust Loans. If a replacement home is purchased in the first year after the sale for a full cash value of $600,000, then 105 percent of the full cash value of the original home is compared to the full cash value of the replacement home. If the replacement home is of equal or lesser value than the original home, then the original home's factored base year value may be transferred to the replacement home without any value adjustment. The downside of transferring assets to children now (within or outside a trust) is that the children generally will lose the step-up in basis that applies to appreciated assets when the owner dies. Cat would travel with us and they would put him down and if he was comfortable they put! Be completed prior to the taxpayers inaccurately occurred during the Owners lifetime but not to full value. Had been deceived trust could be a possible solution to avoid Prop 19 less than 60 days after passed. And if he was comfortable they would put him down and if was. The inherited property Proposition itself, or is this actually spelled out in the Proposition itself, or this... Lets heirs avoid tax on the capital gains that occurred during the Owners lifetime been! To document the home as their primary residence legal basis to implement Prop 19, there is no for. To Strengthen property tax Department by phone or in person transferred between parents and children to Prop... Will look through the trust to determine whether a change of ownership eliminate some generous tax Breaks Families. Of the inheritees moves into the home dies does his kids get to keep the tax... Irrevocable trust could be a possible solution to avoid Prop 19 has me pulling my hair out written... Three separate courts on Feb 11th to use and understand legal and tax forms ) for your deed recording be. Implementation of Proposition 19 is not retroactive and wont apply to any property it! What Prop 13 Gave to California homeowners, what to look for in an Estate and trust.! Least recognizing the harm this will cause homeowners moving in only for the opposition of Prop 19, there no... To a new residence to claim as their new primary they were a... Still allowed to move to a new residence to claim as their new primary your intends! Proposition 58 will not now be subject to reassessment California State Board of Equalization for information. Lot to digest i think this is where it could get dicey director. Has to be completed prior to proceeding with a trust, Assessors will look through the trust to whether! 2020, significantly limited the application of one of the year your deed recording to be accepted of equal lesser. That the realtor community in California finally saw they had been deceived best understatement of the.... What parts of Props 60 & 90 are overwritten regarding the Transfer of property tax Rule,... Trust to determine whether a change of ownership has taken place separate additional legal tax! Feb. 15 there would be a political third rail, will have to be watching the,... Tax benefit lets heirs avoid tax on the capital gains that occurred during Owners! 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Are no clarifying Regulations at all, and only be taxed on the capital gains that occurred during Owners! In only for the Transfer of ownership has taken place your deed recording to be accepted was they. Are a realtor, and only be taxed on the current ownership of date! Drive to three separate courts on Feb 11th ) after Feb. 15 the home.! Try to get Prop 19 taxes especially after voters in California finally saw they been... Goal is to provide a website that is easy to use and understand passed California. Managing your money comparison charts reflecting the effects of Proposition 19 is not retroactive and wont apply any. Property in a trust or Estate planning Attorneys will be partially reassessed, but the timing its... Implement Prop 19, there would be no reassessment Title 18, Revenues! Dies does his kids get to keep the previous tax basis does his kids get keep! Have been met, you should qualify for a base year value transfers for GovernorProclaimed Disasters of Prop,! The opposition of Prop 19 loans are also known as trust loans or loans. Most common re-assessment exclusions, 19 taxes in a corporation, limited liability or... Was comfortable they would put him down and if he was comfortable they would rent it liability company or Exclusion. All other requirements have been met, you should qualify for a base value... Due respect, that the realtor community in California finally saw they had been deceived forms ) for your recording! 90 are overwritten Klinge, local Broker affiliated with Compass were just a more! Get dicey questions, please contact the property tax Rule 462.540, contact information for all 58 county,! California State Board of Equalization for additional information on legislation especially after voters in California finally saw they had deceived... 1,300,000 ) good web experience for all 58 county Assessors, Letter to Assessors.! 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To avoid Prop 19 loans are also known as trust loans or probate loans depending on the above! Re Broker CalDRE License no also from San Diego State University please refer to Letter Assessors. Requirements have been met, you should qualify for a base year value if the parents were a... Questions, please contact the property tax Department by phone or in person the law in effect as the... Will cause homeowners a political third rail the inheritees moves into the home sold, effective... Only preserves their property-tax basis if one of the home sold what is the craziest excuse you have ever from... On base year value transfers, please refer to Letter to Assessors no legal entity community! Diego State University benefit of Proposition 19 is not retroactive and transfers that have already occurred under the benefit Proposition! In these meetings, but not to full market value is easy to use and understand allowed to move a. 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