When a bare majority of California’s voters approved Proposition 19 in last November’s election, they likely bought the pitch that it would limit property taxes for seniors, wildfire victims and disabled homeowners. Who could oppose such a feel-good initiative?
However, what the supporters of Prop. 19 did not mention is that it also repealed Proposition 58 (enacted in 1986) and Proposition 193 (1996). The loss of these constitutional protections means property is now reassessed to market value when it is transferred from parents to children. The only exception is if the person to whom the property is transferred moves in within one year and the property is that person’s principal residence.
Click here to read Sen. Bates’ entire commentary in the Marin Independent Journal.