New California Inherited Property Tax Rules Prompt Backlash

May 5, 2021, 8:45 AM

California families surprised and angry that they lost a property tax break on inherited homes or businesses at the November 2020 ballot box are fighting to get it back.

The California Association of Realtors pitched the measure (Proposition 19) to voters as a way to close loopholes “exploited by East Coast investors, celebrities, and wealthy trust fund heirs to avoid paying their fair share on vacation homes, beachfront rentals, and luxury estates.” The group provided most of the $57 million spent on the campaign, which succeeded in a 51.1%-48.9% vote.

Some of the central arguments used to convince ...

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