The ballot measure would make changes to the property inheritance reassessments in California. As of 2021, when a principal residence was transferred from parent-to-child or grandparent-to-grandchild, the first $1 million would be exempt from an upward adjustment to the assessment. The ballot measure would increase the number from $1 million to $2.4 million and adjust it to inflation beginning on February 16, 2023
1909. (21-0015A1)
ELIMINATES PROPERTY TAX REASSESSMENT FOR CERTAIN FAMILY REAL PROPERTY TRANSFERS
PAC
Not publicized
Signatures reached
(est. April 2022)
45000
Proponents
Jon Coupal
Topic
Property
Type
INITIATIVE CONSTITUTIONAL AMENDMENT
Circulation Deadline
05/03/22
Official Text
Petition Summary
Exempts from property tax reassessment transfers of primary residences between parents and children (and grandparents to grandchildren if parents are deceased), regardless of value (removing cap set in 2020 by Proposition 19). Also exempts transfers between same family members of other real property valued up to $2.4 million (e.g., second homes, rental/business properties). Reduces local property tax revenues and eliminates California Fire Response Fund created by Proposition 19. Requires state to reimburse local agencies for property tax losses due to Proposition 19’s other tax changes. :
Fiscal Impact
Increased state costs of hundreds of millions of dollars per year to cover recent local government property tax losses. These costs would grow over time, possibly to $1 billion or more per year. Local government funding would decline by tens of millions of dollars per year. Over time, these losses would grow to hundreds of millions of dollars per year. Schools would have losses of similar amounts.
Regulation:
California Property Tax Reassessment on Real Estate Transfers
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