How can taxpayers stand up to a campaign that has over $57 million to spend on half-truth tv ads? We can’t. What we can do is tell our friends why they should vote “No on Prop 19.”
The transfer of a tax base to any county in California would be awesome, but in 2018 – Proposition 5 (which was exactly that) was not passed by voters. Now the California Association of Realtors have crafted the same Proposition but are adding a horrendous hit that affects families and their estate plans.
Today a parent can transfer their tax base on ANY type of property to their children. Prop 19 will allow that transfer to ONLY occur on the parent’s primary residence IF it BECOMES the child’s primary residence.
Think about this. If a parent leaves an investment property to their child and the property reassesses to current market value, what is going to happen to the renters in that property? Rents will go up.
Rents are already too high in California and thanks to the California Association of Realtors and Prop 19 you can expect even higher rents.
As an added bonus, if you can’t afford the increased taxes you’ll be forced to sell, guess who gets another commission? Follow the money on this jewel.
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