Propositioned on Prop 19 - Transferring Property Taxes


US-FIRES

US-FIRES

A failed ballot measure from the 2018 midterms has returned to the 2020 ballot, but with a twist. Prop 19 aims to help Californians pack up and move their property taxes if voters approve this ballot measure.

Here's what your vote would mean:

A "yes" vote supports this constitutional amendment to:  

* allow eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a more expensive home with an upward adjustment;

* increase the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments from one to three;

* require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred; and

* allocate additional revenue or net savings resulting from the ballot measure to wildfire agencies and counties. 

A "no" vote opposes this constitutional amendment, therefore continuing to:

* allow eligible homeowners to transfer their tax assessments within counties and to homes of equal or lesser market value;

* keep the number of times that persons over 55 years old or with severe disabilities can transfer their tax assessments at one;

* allow the tax assessments on inherited homes, including those not used as principal residences, to be transferred from parent to child or grandparent to grandchild.

If passed, the bill would allow homeowners who are 55, severely disabled, or whose homes were destroyed by wildfire or disaster, to transfer their primary residence’s property tax base value to a replacement residence of any value, anywhere in the state. The bill would also limit tax benefits for certain transfers of real property between family members and expands tax benefits for transfers of family farms.

Any state revenues or savings would be allocated to fire protection services and reimbursing local governments for taxation-related charges.

Kris Ankarlo spoke with both sides to get a better understanding of the issue.

Guests:

Kristy Militello, 2017 Tubbs Fire survivor

David Wolfe, Yes on 19 and former director Howard Jarvist Taxpayers Association

Jon Coupal, Howard Jarvis Taxpayers Association

Republican State Senator Pat Bates-Laguna Niguel

Photo: Getty Images