We understand the importance of not mixing politics with business, but there is a matter that affects us all, especially those who are interested in the Californian real estate market. This includes ourselves, our family, friends, and our valued real estate clients, both past and future.
In the midst of the 2020 pandemic, a bill containing a crucial yet overlooked clause was passed, overshadowed by the urgency of COVID-19 topics. Hidden within its fine print lies a legislative change with significant ramifications for inheritors of property in California.
The Heart of the Matter: Previously, inheritors of property in California could retain their parents' property tax base. This was a cornerstone of real estate inheritance in the state, offering a degree of financial predictability and stability. However, this new legislature turns the tables. It clearly states that inheritors can no longer benefit from their parents' existing property tax rates on their inherited real estate holdings in California.
The Implications: This change has profound implications. It potentially increases the financial burden on inheritors, affecting decisions about keeping family properties. The impact is not just financial; it's also emotional, as many of these properties have been in families for generations.
Your Role: Awareness and action are crucial. I urge you to review the linked information below for a comprehensive understanding of this legislative change. The deadline for action is approaching fast – February 5th. This is not just about today; it's about the future of real estate inheritance in our beloved state.
Spread the Word: I encourage you to share this information. Your intervention, no matter how small it may seem, could be pivotal in helping someone, perhaps without you even realizing it.