kuksul08
Suh Dude
What do you guys know about Prop 19? This bill passed in November and the implications are pretty crazy. Anyone who has parents with property is liable to pay a shit ton of taxes on inherited property unless action is taken between now and Feb 11th.
From what I gather, it makes any property over $1M get reassessed for current market value if it is inherited, unless it's been put in a trust before the changes go into effect. As we know, that includes just about a majority of the bay area where most people are still paying "normal" home price taxes.
It was worded in a way that makes it easy for old people to move and carry their tax basis to different homes in CA, but in reality it's going to MASSIVELY increase property taxes for generations to come.
Anyone have input or thoughts?
From what I gather, it makes any property over $1M get reassessed for current market value if it is inherited, unless it's been put in a trust before the changes go into effect. As we know, that includes just about a majority of the bay area where most people are still paying "normal" home price taxes.
It was worded in a way that makes it easy for old people to move and carry their tax basis to different homes in CA, but in reality it's going to MASSIVELY increase property taxes for generations to come.
Anyone have input or thoughts?