For many California families, real estate is more than an asset, it is a legacy. Homes and rental properties are often passed down with the expectation that children can retain them without significant tax consequences. Unfortunately, Proposition 19 (“Prop 19”) dramatically changes those assumptions, and many families are only discovering the impact after receiving a shocking property tax bill.
Prop 19, which took effect in February 2021, reshaped California’s property tax rules for inherited property. While it was promoted as a reform measure, its long-term effects continue to surprise heirs, trustees, and even longstanding estate plans that were […]