Proposition 19 Property Tax Hike has passed!

Were you expecting to inherit a property or leave your children one? That property may have to be sold due to a new tax on inherited property.

Effective Feb. 16th, 2021 all rentals, vacation homes & commercial property are reassessed to full market value upon inheritance. All primary homes are reassessed if a child does not move in within a year AND even if a child moves in, any appreciation exceeding the home’s taxable base value plus $1 million is now added to the taxable base value.  REASSESSMENT WILL OCCUR IN MOST CASES. Property tax increases will be huge, forcing many to sell.

WE CAN STILL STOP THIS TAX HIKE!

Sen. Patricia Bates of Laguna Niguel has sponsored Senate Bill 668 to postpone the effective date of this new inheritance tax law by 2 years, making it effective in 2023.  It will give families time to meet with county assessors and estate planners to discuss options, such as irrevocable trusts, LLCs, updating wills, or transferring property deeds to minimize financial effects of Prop 19.  

Due to the pandemic, families were caught off guard and unable to engage in estate planning to avoid Prop 19’s effects. Seniors were under lockdown in care facilities, most people were not fully vaccinated, and Stay Home Orders were in effect throughout CA. Assessor offices were closed to the public. THIS WAS AN INJUSTICE.

URGENT!!!  Please contact your representatives and the Senate Finance & Governance Committee members before Monday, May 3. They will decide at that time if the bill moves forward. Ask them to support SB-668. Explain how Prop 19 is going to affect your family and why you need more time to plan under safe conditions. Please email Sen. Patricia Bates AND cc: the Senate Finance & Governance Committee members (Senators Wiener, McGuire, Nielsen, Durazo and Hertzberg). Also, cc: local Assembly MembersDavid Chiu and Phil Ting. (delete David Chiu and Phil Ting, if you don’t live in San Francisco)

Senator.Bates@senate.ca.gov
Senator.lastname@senate.ca.gov                         ​ Call: (Enter Phone #)

Assemblymember.lastname@assembly.ca.gov    ​ Call: (Enter Phone #)

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Senate Finance & Governance Committee:

Senator.Wiener@senate.ca.gov ​​ Call: (916) 651-4011

Senator.McGuire@senate.ca.gov

Senator.Nielsen@senate.ca.gov

Senator.Durazo@senate.ca.gov

Senator.Hertzberg@senate.ca.gov

Instructions for using this flyer:

This point of using this flyer is to let neighbors know about SB-668 a week before May 3, 2021.

There are 3 ways to submit your comments/position letters regarding SB-668, but for flyer purposes, it’s easy to keep the instructions short.

1. Email sent to Senator Bates and cc: members of the Senate Finance & Governance Committee
2. Cc your legislators. To find your legislator go to: http://findyourrep.legislature.ca.gov/
 

Once you find your legislator, to figure out their email, follow the below pattern

Senator.lastname@senate.ca.gov

       Examples:

• Senator.Skinner@senate.ca.gov
 

Assemblymember.lastname@assembly.ca.gov
      Examples:

• Assemblymember.ting@assembly.ca.gov
 

IMPORTANT!

• You are not allowed to place these flyers in mailboxes, per US Post. Please leave them on doorsteps.
• Depending on your city’s rules, you may have to disclose who is paying for the flyer. In San Francisco, we have that requirement.
 

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For more info on Prop 19’s effects on property owners, type in your browser: thetruthaboutprop19.com