A local state senator is working to delay a recently-passed proposition that could cause the taxable value of inherited homes to rise. Sen. Patricia Bates (R-Laguna Niguel) has introduced of a bill that would delay the implementation of a portion of Prop. 19 until February 2023. “While Prop. 19 is now law, the measure is silent on some issues regarding implementation,” Bates said in a March 2 statement. “A two-year delay will give the state time to clarify how it will implement the ‘Property Tax Fairness for Family Homes’ provision. It will also give families additional time to seek professional advice on how a transfer of property to children will affect potential tax liabilities.” Passed last November with a 51 percent vote, Prop. 19 has two main elements. Under the first rule, homeowners who are severely disabled or older than 55 can sell their home and maintain its base tax value when moving to …
Proposed Bill Would Delay Controversial Property Tax Law
March 4, 2021
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Californiaestatesinherited propertyNY-CalOrange CountyPat BatesProp. 19property taxSouthern CaliforniaUS
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