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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.

Alex Z. Brown

Partner
Wood LLP

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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