Is Prop 13 Over? Prop 19 and How to Save Low Property Taxes

[@moorenubianllc]

I'M IN RIVERSIDE COUNTRY AND MY PROPERTY TAXES WENT UP 2%. I THOUGHT MY TAXES WOULD STAY THE SAME.

[@gilfixlaw]

Thanks for watching! Prop 13 does allow for annual property tax increases up to 2%. Prop 19 means that when property goes from parents to children, taxes can go up FAR more than that! But planning options are available to avoid this, and we can help! Stay tuned for more free legal educational videos :)

[@elizabethbetty2662]

Thank you for this explanation. If there if five children that will inherit the parent’s home, do all five need to make it their primary residence to claim the exemption? What if only two children make it their primary residence? Attempts to eliminate prop 13 with ACA 1 and 13 will be on next years ballots. These will raise property taxes. Please VOTE NO on ACA 1 and ACA 13. Tell everyone you know.

[@gilfixlaw]

Hi Elizabeth - if one child makes the house his/her residence, it should likely be able to get the $1M in property tax protection (take current assessed value, add $1M = protected portion). This can be enough to protect many family homes. That being said, the right paperwork and documentation is crucial to capture this, and we have seen different procedures for different counties. We'd need more details to give fully accurate guidance. We are aware of attempts to repeal both Prop 19 AND Prop 13 - so forces within California are moving in VERY different directions. Very hard to predict what might happen in coming years! Taxes could get even MORE onerous, or not. As we like to say, "hope is not a strategy." If you are concerned about protecting your home/rentals, the stakes are far too high to wait, or to rely on unpredictable voter initiatives - reach out to us - we can help, regardless. Thanks for watching!

[@elizabethbetty2662]

Thank you for your comments and I will certainly keep the advice in mind. A wealth of information and services that your firm provides. Thank you!

[@davidobrien8352]

Thankyou Mark can I ask Question about prop 19 after death of owner (parent) is this true? The child has one year to move into the property and use it as primary residence. Does this mean there is no reassessment for one year? Also in the case of a house left to two kids and one uses it for a primary residence is the reassessment the same wether one or two of the kids use it?

[@gilfixlaw]

Hi David - a child does have 1 year to move into a property, but that doesn't prevent a reassessment during that year. The property will still be reassessed as of the date of a parent's passing or transfer of the property. The 1 year relates to how much taxes will be increased (if the home is worth more than $1M over the assessed value). So long as one child who inherits moves in, the $1M in reassessment protection should apply. We have developed solutions for houses worth more than $1M more than the assessed value, or if children wish to rent out the home. Contact us if you'd like to explore these. Thanks for watching!

[@TheK9Shepherd]

My wife and I live with her mother. My wife is sole beneficiary to her mother's trust/estate. Let's say assessed value right now for tax purposes is $500k At time of death, FMV is assessed at $1.5 million. Since that first $1 million is protected, then the delta is $500k So essentially our property taxes won't go up correct?

[@gilfixlaw]

This sounds correct. We'd obviously have to see the full picture to give true guidance (speak with us or another legal expert directly for an official opinion!), but, for illustrative purposes, if it is her mother's residence, and if she makes it her residence, the $1m in FMV protection beyond the assessed value should apply. If fair market value is less than $1M over the current assessed value, there should be no reassessment of property taxes, as long as your wife continues to make it her residence. There can be nuances missed here - so don't rely on this on its own. Thanks for watching!

[@TheK9Shepherd]

Thanks ! Of course what looks right on paper can easily change when it comes down to when you need to act on it. But based on the Prop19 wording, it looks pretty decent that our taxes wouldn't go up. As we'll still live in the house as our primary residence. Thanks for the reply and great video

[@CSGATI]

Hell No on 19. Fix the spending problem.

[@gilfixlaw]

We know many are working to change this law. That being said, regardless of what happens, we have tools to prevent massive reassessments for our clients. We offer these videos to inform - we know there is a LOT of ignorance about this new law, regardless of one's political views. We are here to help! Thanks for watching.

[@AD-bc2es]

Hi. My family’s home was transferred to be before 2021 , it is my primary residence and my taxes are still as they were in 1960. My mother is now telling me that propositions will no longer stand, and she wants me to quick deed the home to her. She claims that since she is over 60 years old, she will be able to preserve the tax rate that is currently on the home. She says that soon I will have to pay the taxes for a new home valuation (around $800k). She claims a real estate agent told her that Propositions will no longer stand. She also claims that there is a program in CA that will pay off the mortgage on this home after her death if I quick deed her this home. Is she lying ?

[@gilfixlaw]

Hi - thanks for your comment and question. Many of the suggestions above do not appear to be sound, but we can't provide specific answers or guidance without knowing the situation in full detail, which would require a meeting. We are unaware of any government program that pays off anyone's mortgage after they pass away (!) You can contact us at gilfix.com to set a meeting and we can see how to help. Thanks for watching!

[@Felix-zx3on]

Don't vote demo !