A web-based tool designed to estimate property tax implications under California’s Proposition 19, this resource helps individuals understand the potential financial ramifications of transferring property between family members or to a new primary residence. For example, it can model scenarios involving the transfer of a parent’s home to a child or the purchase of a replacement primary residence within the specified timeframe.
These tools are crucial for informed decision-making regarding intergenerational property transfers and replacement residences. They provide clarity in a complex area of tax law, empowering Californians to navigate the often-confusing landscape of Proposition 19. Enacted in 2020, the proposition significantly altered the rules governing property tax reassessments, creating both opportunities and challenges for property owners. This resource helps users understand the interplay of assessed value, transfer exclusions, and market value within the framework of this legislation.
