I read the Yes on Prop 19 “letter to the editor” on your site. I decided to google the name because I assumed it was a realtor, and what do you know, it was!
Proposition 19, and the ads for it, are extremely deceitful, and don’t explain the true effect if it passes. It’s a massive property tax increase for children who inherit the family home from their parents. This will lead many children who can’t afford the increased property taxes to sell it, which is why it’s sponsored by…the realtor lobby! I think it should have been disclosed that Ryan Hass is a real estate agent.
Another benefit to realtors is that it allows those over 55 to keep their tax basis on new houses up to three times! More sales for realtors!
This proposition hurts millennials and younger folks who are already having trouble buying their first home, pay enormous property taxes if they are able to do so, and now, if they are lucky enough to inherit their parents’ home, will receive sticker shock when the property taxes get reassessed. Moreover, many first time buyers will have to compete in a market where those with a low property tax basis (i.e. people who purchased their home decades ago), can transfer that property tax basis (3 times, anywhere in the state!) to other homes, and outbid those who would have high property taxes.
There’s no “lobby” for No on 19, but I think it’s the duty of newspapers across the state to explain what will actually happen. I’m an estate planning attorney, and if my clients really understood how they would be affected, they would vote no.
Thanks for your time!