September 17, 2021
Real Estate

Help us repeal the Prop. 19 death tax – Orange County Register

Whether you’re looking at historic election results or recent polling, it’s clear beyond any doubt that Californians hate death taxes. Back in 1982, voters overwhelmingly approved two ballot measures to abolish state inheritance and gift taxes—not only abolish them, but ban them permanently.

A few years later, rising property values had created a new kind of death tax. Property that was transferred within families was being reassessed to market value at the time of transfer, and because real estate prices had gone up so sharply, property that was transferred at the time of death brought with it a new annual property tax bill that was often unaffordable. Grieving families that were unable to pay the new tax bills were forced to sell family properties.

The political heat became so intense that the Legislature passed, by a unanimous vote in both houses, a measure that said homes…

Read full article here: www.ocregister.com