July 13, 2024

Hidden Property Tax Hits California

In a recent interview, Susan Shelley, a prominent California columnist and member of the editorial board of the Southern California News Group, sheds light on a lesser-known consequence of recent legislation: the imposition of a new death tax on inherited properties in California.

Here are the key points from Shelley’s insightful discussion:

Hidden Property Tax Hits California - Housing Market 2023 -2017 San Diego real estate

The Stealthy Death Tax: California has quietly introduced a new death tax on property, affecting individuals who have recently lost a parent. This tax significantly impacts the transfer of property from parents to children, deviating from decades-long practices.

Reassessment of Property Values: Traditionally, inherited property, including homes and up to a million dollars in assessed value of other properties, could be transferred without a change in the tax bill. However, the new law requires a reassessment of inherited property to its current market value, potentially leading to substantial annual tax increases for the new property owners.

Immediate and Crushing Consequences: Shelley emphasizes the immediate financial burden imposed on individuals inheriting property. Without swift action, families may face annual tax increases ranging from two or three thousand dollars to as much as fifteen or twenty thousand dollars, placing a heavy strain on those with limited financial means.

Origins in Proposition 19: The controversial tax increase was quietly slipped into Proposition 19 in 2020, a measure initially framed as a means to protect wildfire victims. However, the fine print revealed an additional burden on those inheriting property, sparking a call for its reversal.

Historical Context: Shelley provides a historical perspective on the issue, highlighting the repeal of Proposition 58 and Proposition 193 by Proposition 19. These earlier propositions, passed in the late 20th century, protected parent-child and grandparent-grandchild property transfers from reassessment.

The Urgent Call for Repeal: Shelley urges Californians to support the “Repeal the Death Tax” initiative, emphasizing its retroactive nature. The initiative aims to reinstate the parent-child transfer exclusion and the grandparent-grandchild exclusion, providing relief to those affected since February 2021.

In conclusion, Susan Shelley’s interview sheds light on a pressing issue affecting Californians who inherit property. The call to action is urgent, with a need for a million signatures by the end of January to place the initiative on the November 2024 ballot. Repealing the death tax is framed not only as a financial necessity for affected families but also as a means to preserve affordable housing, small businesses, and cherished family legacies.

For more information and to contribute to the initiative, visit RepealTheDeathTax.com.

#######

    • Brokerforyou.com is for SALE

      Just like most major businesses, the easiest way, and the fastest way to expand your business and influence in your particular market is through strategic acquisition. Just look at Google, they are the number one search engine in the world! Google bought Youtube in November 2006 for US$1.65  billion! YouTube now operates as one of Google’s subsidiaries.

      www.brokerforyou.com is for sale and is offered with a very popular San Diego residential real estate channel with 1.16K subscribers and 114 videos!!

      What’s the approximately monthly cost to host a website?  With shared hosting, you’re hosting fee can break down to about 10 to $15 per month. To keep your url registered (that’s your site address), this is usually paid on a five to 10-year basis, which averages out to about just a dollar per month!  Naturally, if you add direct hook-up to a MLS database, that provides lead capturing, this costs can vary greatly from provider-to-provider.

    • Also available, much smaller aged websites (not just urls)  for Real Estate agents and brokers in California.  Yes, since I’m retired from Real Estate now I have a number of websites that are available that you can use for readings to your main site.  The following  real estate  area sites are available but subject to prior sale,  without notice:  San Diego, downtown San Diego, Del Mar, Encinitas, Orange County,  and Los Angeles. If you’d like to purchase any of these sites with all the content included, you can get them at a Bargain Basement price.  Please contact me if you’d like further details.
    • Interested, call Bob Schwartz (619) 286-5604 for additional information
    • #######

      home water leak detector – https://flumewater.com?grsf=w79pta

      home water leak detector

      +++++++++++++

      Great 360 Camera – This is the one that I use not only for real estate but motorcycling & gold prospecting.

      Direct from the manufacturer w/ Free shipping, special bonus accessory & even tax included.

      Click camera photo below for more details and to see actual 360 video & photos taken with this amazing marvel, direct from manufacturer . . .

      insta360 One X3
      insta360 One X3

      ++++++++

Home Improvement Values

Home Improvement Values

 

  • DISCLAIMER:

    Some of the links in this description and in our videos may be affiliate links, and pay a small commission if you use them, but never increase the basic cost. I really appreciate the support. The content in my Youtube videos SHALL NOT be construed as real estate, tax, legal, insurance, construction, engineering, health & safety, electrical, financial advice, or other & may be outdated or inaccurate; it is your responsibility to verify all information. I am a not financial adviser. I only express my opinions based on my experiences. Your experience may be quite different. Investing of any kind involves risk. While it is possible to minimize risk, your investments are solely your responsibility. You must conduct your own research. There is NO guarantee of gains or losses on any investments. My produced videos are for entertainment purposes ONLY. DO NOT make buying or selling decisions based on these videos. If you need advice, please contact a qualified CPA, attorney, insurance agent, contractor/electrician/engineer, financial advisor, or the appropriate professional for the subject you would like help with.

  • Although no longer a licensed California real estate broker Bob’s 30 plus years of experience in the real estate industry with all the contacts that he has developed,  he is able to provide referrals to the top real estate Professionals in any state within the United States.  So, although you can’t get Bob to represent you personally, Bob can select a top real estate professional with years and years of experience to ensure that you get the best possible representation.