Don't Read This If You Want To Pay More Taxes
Here's the context before we get to the good part.
Property taxes are based on the purchase price and can ONLY go up 2% each year. This helps us in California because property value can go way up giving incentive to stay in one place for a while to keep that lower tax rate.
The beauty of this was that you could pass this tax rate to your children with the house.
But prop 19 changed that.
There were some advantages to prop 19, and one HUGE downside. When property is inherited, taxes are reassessed now. Which means they will almost always go way up!
This can make houses unaffordable even when inherited.
So that big house you wanted to give to your kids might just end up on the market when you pass.
HERES THE GOOD NEWS
Your representatives are discussing a repeal of that part of the proposition. And it's happening this week.
So we need your help.
Find your representatives (http://findyourrep.legislature.ca.gov/)
And send them this message customized in your own words:
Please co-sponsor and support Senate Constitutional Amendment 4, i.e. effort to repeal the death tax imposed by Proposition 19. Proposition 19 is having a detrimental impact on countless families in our area that simply cannot afford the dramatic increase in property taxes when their parents die. With housing affordability more challenging than ever, please help people stay in their family homes by repealing those portions of Prop 19 and allow children to keep their parents current tax basis so they can stay in their homes. Housing prices are higher than ever and reinstating prop 58 will help people stay in their homes! Otherwise, many people are forced to sell their homes which only drives up the cost of real estate for everyone else by virtue of the higher and higher sales prices and, in the case of rental properties, increased rents by new owners. Please reinstate prop 58. THANK YOU!
We can hopefully make housing more affordable for our kids, grandkids, and their grandkids.
Thank you for your help, and thank you Devin Lucas for the Script.