California Proposition 19 proposes changing the rules for tax assessment transfers.
A vote “yes” supports the constitutional amendment to:
- increase the number of times that homeowners over 55 years old or with severe disabilities can transfer their tax assessments from one to three
- allow eligible homeowners to transfer their tax assessments anywhere within the state and allow tax assessments to be transferred to a pricier home with an upward adjustment
- require that inherited homes that are not used as primary residences, such as second homes or rentals, be reassessed at market value when transferred
- allocate additional revenue or net savings resulting from the ballot measure to wildfire agencies and counties
A vote “no” opposes the constitutional amendment, thereby 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 homeowners over 55 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.