Proposition 19 - November 3, 2020 Ballot Measure
California
has 12 qualified Ballot Measures which will appear on the November 3, 2020
ballot. Special attention to literature provided
might be of particular interest prior to voting on this Proposition.
Proposition 19, is
listed as: "The Home Protection for Seniors, Severely Disabled, Families,
and Victims of Wildfire or Natural Disasters Act."
The selling point of this measure allows homeowner's
who are over 55, disabled or victims of natural disaster to take a portion of
their property tax base with them when they sell their home and buy a new one -
one has to ask "Why not take all of their property tax base with them?"
Part two of this
measure deletes the Proposition 58
protections and opens the door to
higher property taxes. Some might recall
that in 1986, to prevent families from getting hit with huge tax increases, voters overwhelmingly passed Proposition 58 changing the state constitution
to ensure that transfers of certain property between parents and children, up
to $1-million, could occur without triggering the sticker shock of
reassessment.
Proposition 19 (2020) would repeal Proposition 58 and force the reassessment of inherited or transferred property within families. The only exception is if the
property is used as the principal residence of the person to whom it was
transferred, and even that exclusion is capped.
If you have assets you wish to pass on to your children, you
might want to take a close look at this proposition.
Piper's Papers