Ron Peoples | KALW

Ron Peoples

YLR: Proposition 19 and Your Real Property

20 hours ago

In the November 2020 election, California Voters modified parts of Proposition 13, creating a constitutional amendment that broadens the ability of some homeowners to transfer their tax assessments to another residence within the state, while at the same time limits the ability to avoid reassessment for inherited homes.  What are the major changes brought about by the initiative?  Do you need to do to adjust my estate plan?  When you make changes to capitalize on a more beneficial property tax assessment, is there a risk to state and/or federal income taxes.