> Under the law, which passed with a narrow 51% yes vote, the state rolled back certain transfer tax protections. As a result, any child who inherits their pare

> Under the law, which passed with a narrow 51% yes vote, the state rolled back certain transfer tax protections. As a result, any child who inherits their parents’ property today could be subject to a higher property tax bill since the home would be reassessed at market value at the time of transfer. If the property was the parents’ primary residence before they died, the law does carve out a $1 million allowance to be excluded from the reassessment for the child who makes the inherited home their primary residence within one year of the transfer The law addresses a really unfair prior condition, that houses handed down to children would be rented out at massively landlord-friendly terms, with 20th century tax assessments. Rent easily covers the taxes anyway. It may be that a few inheritors don't get to move into the parents' house, but that doesn't make up for the loss of tax revenue or the unfairness to people who weren't gifted a house. The fact that the inheritor receives a step-up in their basis for capital gains tax means they win big for a valuable house anyway. There may be some losers in this but there will be winners too.