Exploring the Tax Implications of Proposition 19
Proposition 19 eliminates what has been dubbed the "Lebowski Loophole." In an investigative story gone viral, the Los Angeles Times reported in 2018 that Jeff Bridges and his sister had inherited a luxurious home on the Malibu coast, retained their mother's taxable value from the 1970s and were renting the property out for upwards of $16,000 per week.
November 30, 2020 at 05:00 AM
6 minute read
The recent passage of Proposition 19, together with its accelerated effective date, will have a dramatic impact on property tax planning for parents and children. Homeowners who wish to transfer their primary or vacation homes with a low taxable value to their children will no longer enjoy exclusion from property tax reassessment. (Proposition 19 uses the term 'taxable value' for what otherwise may be referred to as 'assessed value' or 'base year value as adjusted.')
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