{"id":1638,"date":"2021-08-25T10:00:37","date_gmt":"2021-08-25T14:00:37","guid":{"rendered":"https:\/\/www.deeds.com\/articles\/?p=1638"},"modified":"2024-04-25T23:19:28","modified_gmt":"2024-04-26T03:19:28","slug":"latest-news-from-the-ballot-box","status":"publish","type":"post","link":"https:\/\/www.deeds.com\/articles\/latest-news-from-the-ballot-box\/","title":{"rendered":"Latest News From the Ballot Box"},"content":{"rendered":"\n<h1 class=\"wp-block-heading\"><strong><em>A New Property Tax Setup for California Homeowners<\/em><\/strong><\/h1>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"aligncenter is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/a-new-property-tax-setup-for-california.jpg\" alt=\"Image of a street sign reading &quot;California Av&quot; with blue sky and palm trees in the background.\" class=\"wp-image-1639\" width=\"991\" height=\"312\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/a-new-property-tax-setup-for-california.jpg 991w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/a-new-property-tax-setup-for-california-300x94.jpg 300w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/a-new-property-tax-setup-for-california-768x242.jpg 768w\" sizes=\"auto, (max-width: 991px) 100vw, 991px\" \/><\/figure><\/div>\n\n\n\n<p>Proposition 19 in California brought forth a new rule in\n2021 on property tax reassessments when deeds are transferred. Here, we take a\nlook at how California homeowners will be impacted.<\/p>\n\n\n\n<!--more-->\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Property Taxes: Capped in California<\/strong><\/h2>\n\n\n\n<p>Thanks to an existing ballot measure, Proposition 13,&nbsp;property\ntaxes can only go up 2% a year. Home values have risen briskly in California in\nrecent years, so the cap is saving established residents a good deal of money\non taxes.<\/p>\n\n\n\n<p>There\u2019s a downside to this, of course. Longtime homeowners are\ngetting a tax edge on first-time buyers. <\/p>\n\n\n\n<p>What\u2019s more, in the interest of keeping their taxes capped,\npeople might stay in one place beyond the point when they might otherwise put\ntheir homes back on the market. These owners might delay moving closer to relatives,\nor nearer to health and recreation amenities that could improve their quality\nof life. After enjoying low taxes for years, they\u2019ll find taxation on the full\nmarket value of a future home hard to swallow.<\/p>\n\n\n\n<p>Now, Proposition 19 modifies this provision.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><br><strong>Proposition 19 Lets Certain Homeowners Move \u2014 Keeping Their Low Property Taxes  <\/strong><\/h2>\n\n\n\n<p>Proposition 19 is titled the<em> Home Protection for Seniors,\nSeverely Disabled, Families and Victims of Wildfire or Natural Disasters Act<\/em>.\nUnder Prop. 19, certain homeowners can keep their lower property taxes when\nthey sell and move to a new home anywhere in California. Since Apr, 1. 2021, the\nProp. 13 tax basis (see the section above) is portable for eligible homeowners.\n<\/p>\n\n\n\n<p><strong>People in one or more of three categories are now eligible\nto take their low taxes with them when they move:<\/strong><\/p>\n\n\n\n<ul class=\"wp-block-list\"><li>Homeowners aged 55+ (as per <a href=\"https:\/\/www.capropeforms.org\/counties\/orange\/form\/BOE-19-B\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">these instructions<\/a>).<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Homeowners who live with a severe and permanent disability, based on a certificate of disability from a licensed surgeon or physician (as per <a href=\"https:\/\/www.capropeforms.org\/counties\/orange\/form\/BOE-19-D\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">these instructions<\/a>).<\/li><\/ul>\n\n\n\n<ul class=\"wp-block-list\"><li>Survivors of state-declared disasters or wildfire damage (as per <a href=\"https:\/\/www.capropeforms.org\/counties\/orange\/form\/BOE-19-V\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">these instructions<\/a>).<\/li><\/ul>\n\n\n\n<p>These reassessment exemptions are allowed&nbsp;up to three\ntimes in a homeowner\u2019s lifetime (or once per fire\/disaster).<\/p>\n\n\n\n<p>When any of these homeowners buy a home at a price up to the\nvalue of the one they\u2019re selling, the tax will not change, despite the move. If\nthe new home is valued at a higher price than the sold home, the owner does face\nan additional tax charge \u2014 but just for the difference in price. In other\nwords, the eligible homeowner gets a hybrid tax rate when selling the current\nhome and buying a costlier home. This is a typical situation as California home\nprices have risen so much lately.&nbsp; <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> California homes are in high<\/em><\/strong><strong><em> demand. Home\nprices in many California cities have climbed more than 20 percent in just one\nyear. <\/em><\/strong><a href=\"https:\/\/www.deeds.com\/articles\/housing-market-cooldown-ahead-oh-wait\/\"><strong><em>Here\u2019s what\u2019s\nkeeping the market hot<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Intergenerational Transfers? Some Heirs Will Lose Their Tax Breaks <\/strong><\/h2>\n\n\n\n<p>Prop. 19 has another effect, too. While it gives some house-to-house\nmovers a break with one hand, it removes a benefit from heirs with the other\nhand.<\/p>\n\n\n\n<p>Now, the low Prop. 13 tax basis can\u2019t be inherited by the\nnext generation, whether the property passes by will or through a family trust.\nThe lower tax basis may not transfer over by sales or gifts of real estate\nwithin families, either. <strong>Since February 2021, real estate transferred within\nfamilies constitutes a legal \u201cchange in ownership\u201d&nbsp;and gets reassessed to\nits full market value by the local property tax assessor.<\/strong> <\/p>\n\n\n\n<p>This goes for investor-owners\u2019 properties, too. Even if the\nowners\u2019 adult children want to move into their parents\u2019 investment property,\ntheir inherited real estate will get a full-market-value assessment when the\ndeed changes hands.<\/p>\n\n\n\n<p>We note, though, that California families of modest means can\ncontinue to get a break on their property taxes. <strong>If a parents\u2019 <em>primary\nresidence<\/em> goes to adult children, and at least one of them moves into the\nhome within a year of the conveyance, no reassessment occurs \u2014 as long as the\nhome isn\u2019t worth more than a million dollars.<\/strong> For homes valued above\n$1,000,000, the heirs receive only partial relief. <\/p>\n\n\n\n<p>Heirs wishing to move into the house and keep their parent\u2019s lower property tax should file the <a href=\"https:\/\/www.boe.ca.gov\/proptaxes\/pdf\/sample_boe58ah_rev18.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Claim for Reassessment Exclusion for a Transfer between Parent and Child<\/a>.<\/p>\n\n\n\n<p>What if the current homeowners are joint tenants with rights of survivorship? When one co-owner dies, a joint tenant with survivorship rights (a surviving owner with 100% ownership rights) can receive the real property without a property tax reassessment. The surviving joint owner should file the <a href=\"https:\/\/www.boe.ca.gov\/proptaxes\/pdf\/sample_boe58h.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Affidavit of Cotenant Residency<\/a>. <\/p>\n\n\n\n<p>There are other circumstances under which co-owners can\nconvey deeds to each other without triggering a legal change of ownership and a\nproperty tax reassessment. For example, joint tenants may convey a deed to\nthemselves as 50\/50 tenants in common. <\/p>\n\n\n\n<p><strong><em>\u261b<\/em><\/strong><strong><em> When two or more people own a home,\nhow does their title vest their ownership? <\/em><\/strong><a href=\"https:\/\/www.deeds.com\/articles\/hows-your-property-vested-it-matters-as-much-as-your-will-or-trust\/\"><strong><em>How co-owners vest\ntheir property matters as much as a will or trust<\/em><\/strong><\/a><strong><em>.<\/em><\/strong><\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Heirs Will Still Get a Stepped-Up Tax Basis for Federal Capital Gains Tax\nPurposes<\/strong><\/h2>\n\n\n\n<div class=\"wp-block-image\"><figure class=\"alignright is-resized\"><img loading=\"lazy\" decoding=\"async\" src=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/heirs-will-still-get-a-stepped-up-tax-basis.jpg\" alt=\"Aerial view of a palm tree lined street in California. Captioned: Heirs Will Still Get a Stepped-Up Tax Basis for Federal Capital Gains Tax Purposes\" class=\"wp-image-1640\" width=\"329\" height=\"439\" srcset=\"https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/heirs-will-still-get-a-stepped-up-tax-basis.jpg 439w, https:\/\/www.deeds.com\/articles\/wp-content\/uploads\/2021\/08\/heirs-will-still-get-a-stepped-up-tax-basis-225x300.jpg 225w\" sizes=\"auto, (max-width: 329px) 100vw, 329px\" \/><\/figure><\/div>\n\n\n\n<p>On the federal tax score, heirs still receive a major\nbenefit. The stepped-up cost basis lets the heir pay capital gains tax only on\nthe home value since the deceased owner passed away \u2014 not on any rise in value\nduring that deceased owner\u2019s lifetime. This can reduce federal taxes\nsignificantly.<\/p>\n\n\n\n<p>So, if you own a home and its value rises over the years,\nyour heirs needn\u2019t worry about your capital gains tax after you pass away. (This\nadvantage applies only when owners bequeath the home to heirs \u2014 not when they\ngive the home away or sell it.) <\/p>\n\n\n\n<p>If federal tax law changes, and the stepped-up tax basis is\ntaken out of play for people inheriting homes, many families that have built up\nequity over the years will face higher tax burdens. Therefore, homeowners took\nnotice when the Biden administration declared an interest in overturning the\nstepped-up basis. <\/p>\n\n\n\n<p>The end of the step-up could affect households of all income\nlevels. In California, this would mean many heirs would be dealing with two\nseparate increases in home-related taxes. At this time, we do not expect this\nto occur, but the possibility is on our radar.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\"><strong>Looking Ahead<\/strong><\/h2>\n\n\n\n<p>The recent changes to California\u2019s property tax provisions will\ndraw more revenue for some local governments and schools. The bulk of the new\ntax revenue is to go to counties and agencies tasked with California wildfire mitigation.\nCalifornia Professional Firefighters are among Prop. 19\u2019s backers.<\/p>\n\n\n\n<p>Yet Prop. 19 isn\u2019t overwhelmingly supported by Californians.\nIt squeaked by with a 51% \u201cyes\u201d vote. Nonprofit organizations were divided over\nit. Thus, it\u2019s quite possible that California\u2019s 2021 tax changes will undergo\nfuture tweaking. <\/p>\n\n\n\n<p>As always, note that each situation calls for professional\ncounsel related to its specific fact set, as well as the potential for new changes\nin state laws. Please consult with a real estate attorney admitted to the\nCalifornia Bar for legal advice, or with your tax expert for tax planning\nguidance under California law, the Internal Revenue Code, or both. This article\nis intended as a general update and commentary related to deed conveyance \u2014 but<em>\nnot<\/em> as professional tax or legal advice. <\/p>\n\n\n\n<p><strong>Supporting References<\/strong><\/p>\n\n\n\n<p class=\"has-small-font-size\">California Revenue and Taxation Code \u00a7 60: Change in\nOwnership.<\/p>\n\n\n\n<p class=\"has-small-font-size\">California Code of Regulations \u00a7 462: Change in Ownership Rules\nfor Tenants in Common and for Joint Tenants. <\/p>\n\n\n\n<p class=\"has-small-font-size\">Los Angeles County Assessor: <a href=\"https:\/\/assessor.lacounty.gov\/homeowners\/proposition-19#Prop19_2\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">General Info \u2014 Proposition 19<\/a>.<\/p>\n\n\n\n<p class=\"has-small-font-size\">California State Board of Equalization: <a href=\"https:\/\/www.boe.ca.gov\/prop19\/#FAQs\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Proposition 19: Frequently Asked Questions<\/a> (2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Official Title and Summary Prepared by the Attorney General: <a href=\"https:\/\/vig.cdn.sos.ca.gov\/2020\/general\/pdf\/prop19-title-summ-analysis.pdf\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Proposition 19 Changes Certain Property Tax Rules: Legislative Constitutional Amendment<\/a> (PDF). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Ballotpedia: <a href=\"https:\/\/ballotpedia.org\/California_Proposition_19,_Property_Tax_Transfers,_Exemptions,_and_Revenue_for_Wildfire_Agencies_and_Counties_Amendment_(2020)\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">California Proposition 19 \u2014 Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment<\/a> (2020).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Leslie\u00a0Sargent Eskildsen\u00a0for the <em>Orange County Register<\/em>: <a href=\"https:\/\/www.ocregister.com\/2021\/07\/29\/new-prop-19-property-tax-measure-can-save-you-money\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">New Prop. 19 Property Tax Measure Can Save You Money<\/a> (Jul. 29, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\">Editorial Summary by Atty. Devin Lucas, Lucas Real Estate: <a href=\"https:\/\/lucas-real-estate.com\/proposition19\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Navigating New California Proposition 19: Its Dramatic Property Tax Increase on Inherited Property<\/a> (Aug. 16, 2021). <\/p>\n\n\n\n<p class=\"has-small-font-size\"><em>Deeds.com<\/em>: <a href=\"https:\/\/www.deeds.com\/articles\/the-1031-exchange-and-other-real-estate-tax-staples-will-the-biden-administration-make-changes\/\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">The 1031 Exchange and Other Real Estate Tax Staples: Will the Biden Administration Make Changes<\/a>? (Jul. 1, 2021).<\/p>\n\n\n\n<p class=\"has-small-font-size\">Photo credits: <a rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\" href=\"https:\/\/unsplash.com\/photos\/k2iRpPpbKFY\" target=\"_blank\">Vital Sinkevich<\/a> and <a href=\"https:\/\/unsplash.com\/photos\/8L_bURvgm0c\" target=\"_blank\" rel=\"noreferrer noopener\" aria-label=\" (opens in a new tab)\">Matthew LeJune<\/a>, via Unsplash.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>A New Property Tax Setup for California Homeowners Proposition 19 in California brought forth a new rule in 2021 on property tax reassessments when deeds are transferred. Here, we take a look at how California homeowners will be impacted.<\/p>\n","protected":false},"author":2,"featured_media":0,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[55],"tags":[],"class_list":["post-1638","post","type-post","status-publish","format-standard","hentry","category-california"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v27.5 - https:\/\/yoast.com\/product\/yoast-seo-wordpress\/ -->\n<title>Latest News From the Ballot Box - Deeds.com<\/title>\n<meta name=\"description\" content=\"Proposition 19 in California brought forth a new rule in 2021 on property tax reassessments when deeds are transferred. 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