We discuss how to determine your new property tax bill under Proposition 19 family transfers: (“new” property tax basis) = ((Fair Market Value) – ((old property tax basis) + $1,000,000)) + (old property tax basis))! Explained in our article.
California Proposition 19 is a massive property tax hike on the next generation of property owners. It wipes out the current Proposition 58 and Proposition 193 family transfer benefits, effective February 16, 2021. This is potentially the largest property tax increase in California history… but it will only impact the next generations; this is a new death tax and inheritance tax on real property owners’ heirs.
Intra Family Sale and/or Gifting of Real Estate in California (Propositions 13, 58, 193, 60 and 90 and new Proposition 19)
Lucas Real Estate – Attorney Devin Lucas and CPA Courtney Lucas – are experts in California intra family transfers using all aspects of Propositions 13, 58, 193 60 and 90 and new Proposition 19. Learn more about how Lucas Real Estate may help by clicking here. WARNING — CALIFORNIA PROPOSITION 19 HAS UPENDED THIS ENTIRE … Continue Reading
Understanding California Proposition 60 and Proposition 90
Newport Beach, Costa Mesa, Orange County and all California homeowners – and potential homeowners – have some significant tax changes to consider and plan for in 2018. H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on December 20, 2017, contains a large number of provisions that affect … Continue Reading
Proposition 60 allows the transfer of an existing Proposition 13 base year value from a former residence to a replacement residence within the same county, if certain conditions are met. This benefit is open to homeowners who are at least 55-years old and are able to meet all qualifying conditions, (see below) and applies in … Continue Reading
Real Estate Tax Tip For Itemizers (aka Loophole ALERT) – Consider Paying Your Second Installment Property Tax Bill Early (as 2018+ is Now Capped)
Consider prepayment of your property taxes in 2017. Newport Beach, California – H.R. 1, known as the Tax Cuts and Jobs Act, which both houses of Congress passed on December 20, 2017, contains a large number of provisions that affect individual taxpayers, especially homeowners. As of January 1, 2018 – single or married – you … Continue Reading