Tax,
Real Estate/Development
Jan. 15, 2021
Proposition 19 brings new rules for retaining assessed value
In short, Prop. 19 has slashed your ability to keep a lower property tax basis for anything other than a primary residence that your kids or grandkids themselves keep using as their primary residence.
Robert W. Wood
Managing Partner
Wood LLP
333 Sacramento St
San Francisco , California 94111-3601
Phone: (415) 834-0113
Fax: (415) 789-4540
Email: wood@WoodLLP.com
Univ of Chicago Law School
Wood is a tax lawyer at Wood LLP, and often advises lawyers and litigants about tax issues.
If you own California real estate, you pay property taxes. And like just about all California taxes, they can be high. With residential property, how much you pay is based on your base-year value under Proposition 13, the revolutionary tax law that swept into California in 1978. Unless you have owned your property since the late 1970s, your base-year value is probably your purchase price.
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