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With follow-on Props 58 and 193, property tax assessments can be inherited/assumed by children and grandchildren. So not only do they inherit the property tax-f
by jread 7y ago
With follow-on Props 58 and 193, property tax assessments can be inherited/assumed by children and grandchildren. So not only do they inherit the property tax-free, but get the added benefit of often well-below market property tax rate in perpetuity. Then expand this to not only primary residences, but also second homes and commercial property.
- georgeecollins 7y agoAs a 5th generation Californian this is the thing I see in my life. My parent's have a house that has become really expensive (to be fair it was always nice) and they pay a lot less property tax than I do on my more modest California home. That crazy low tax rate is ultimately transferable to one of us, even if we move. Me or my sister will inherit the ability to own $x amount of real estate and pay $y worth in property taxes. Insanity.