{"id":113978,"date":"2021-02-01T09:43:04","date_gmt":"2021-02-01T17:43:04","guid":{"rendered":"http:\/\/69.46.6.243\/?p=113978"},"modified":"2021-02-01T09:43:04","modified_gmt":"2021-02-01T17:43:04","slug":"significant-property-tax-law-change-to-come-later-this-month","status":"publish","type":"post","link":"https:\/\/new.thepinetree.net\/?p=113978","title":{"rendered":"Significant Property Tax Law Change to Come Later this Month"},"content":{"rendered":"

Sacramento\u00a0\u2013 On November 3, 2020, California voters approved\u00a0Proposition 19<\/a>,\u00a0The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Beginning on February 16, 2021, there will be significant property tax law changes, specifically for families transferring real property between parents and children, or between grandparents and grandchildren if the parents are deceased.<\/p>\n

\"\"
\n\u201cWe are about two weeks away before the new law goes into effect,\u201d said California State Board of Equalization (BOE) Chairman Antonio Vazquez.\u00a0 \u201cFamilies who planned to leave property to their children should immediately evaluate their options and make a decision that\u2019s best for their own circumstances.\u201d<\/p>\n

Once operative, Proposition 19 only allows for a parent\u2019s primary residence to be transferred without a property tax increase if their child keeps the home as their primary residence.\u00a0 In addition, Proposition 19 caps the transferable amount equal to the home\u2019s taxable value at the time of transfer plus $1 million.\u00a0 The $1 million allowance will be adjusted annually beginning in 2023.\u00a0 Family farms can also be eligible but further clarification is expected from the State Legislature.<\/p>\n

Taxpayers are strongly encouraged to visit the\u00a0BOE website<\/a>\u00a0for the latest information on Proposition 19.<\/p>\n

\n

The California State Board of Equalization (BOE) is the only elected tax board in the country, and it is comprised of\u00a0four Equalization District Members<\/a>\u00a0and the\u00a0State Controller<\/a>. Since 1879, the BOE\u2019s constitutional and statutory duties include the oversight of the 58 County Assessors\u2019 assessment practices to ensure statewide uniformity and consistency. In addition, the BOE directly assesses the property of regulated railroads and certain public utilities, collects the private railroad car tax, and is responsible for the Alcoholic Beverage Tax and Tax on Insurers.\u00a0 BOE\u2019s critical role in property tax administration by promoting fair and equitable assessments protects the tax dollars that schools, local communities, and the State of California depend on every day.<\/p>\n

 <\/p>\n\n\n\n\n
BOARD MEMBERS<\/td>\n<\/tr>\n
TED GAINES<\/a><\/p>\n

First District<\/p>\n

Sacramento<\/td>\n

MALIA M. COHEN<\/a><\/p>\n

Second District<\/p>\n

San Francisco<\/td>\n

ANTONIO VAZQUEZ<\/a><\/p>\n

Third District<\/p>\n

Santa Monica<\/td>\n

MIKE SCHAEFER<\/a><\/p>\n

Fourth District<\/p>\n

S<\/td>\n<\/tr>\n<\/tbody>\n<\/table>\n<\/div>\n","protected":false},"excerpt":{"rendered":"

Sacramento\u00a0\u2013 On November 3, 2020, California voters approved\u00a0Proposition 19,\u00a0The Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Beginning on February 16, 2021, there will be significant property tax law changes, specifically for families transferring real property between parents and children, or between grandparents and grandchildren if the parents […]<\/p>\n","protected":false},"author":1,"featured_media":27182,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_cbd_carousel_blocks":"[]","jetpack_post_was_ever_published":false,"_jetpack_newsletter_access":"","_jetpack_dont_email_post_to_subs":false,"_jetpack_newsletter_tier_id":0,"_jetpack_memberships_contains_paywalled_content":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[3,20,5,1],"tags":[],"class_list":["post-113978","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-business","category-featured","category-government","category-news","last_archivepost"],"jetpack_featured_media_url":"https:\/\/new.thepinetree.net\/wp-content\/uploads\/2016\/11\/boelogo.png","jetpack_sharing_enabled":true,"jetpack-related-posts":[],"_links":{"self":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/113978","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/users\/1"}],"replies":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcomments&post=113978"}],"version-history":[{"count":0,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/posts\/113978\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=\/wp\/v2\/media\/27182"}],"wp:attachment":[{"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fmedia&parent=113978"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Fcategories&post=113978"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/new.thepinetree.net\/index.php?rest_route=%2Fwp%2Fv2%2Ftags&post=113978"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}