Proposition 19 Inhibits Family Home Inheritance

Proposition 19 advances property tax reassessment on inherited real estate. Prior to proposition 19, your children could inherit your primary residence and not have the home’s property tax basis reassessed. This helped homeowners who were hoping to create a multi-generation family home. Proposition 19 changed this. Now the assessed tax basis can only be reduced by $1,000,000. With the Burlingame average home price now at $2,680,299 many people are affected by the change. Additionally, the inherited home has to be used by one of your children as their primary residence. If you have multiple children and they first rent it out so that the estate can be later divided between your children, the home will lose its shelter from being reassessed. JLee Realty hosted a seminar along with trust and estate planning attorney John C. Martin, Esq. Learn more about proposition 19 by visiting and watching the seminar video.

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