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Assessors tell Board of Equalization Prop 19's intergenerational transfer rules remain a major problem
Summary
County assessors told the State Board of Equalization that Proposition 19's restrictions on intergenerational property transfers are causing hardship for heirs and creating fiscal trade-offs that will make legislative fixes difficult without offsetting revenue.
County assessors told the State Board of Equalization on Oct. 22 that the intergenerational transfer provisions of Proposition 19 are producing unexpected tax bills for heirs and will be difficult to change without new revenue.
San Francisco County Assessor Joaquin Torres said Prop 19’s limits on transferred value mean "almost anybody who's going to inherit a home is going to pay higher taxes than they did before," and that any change would raise difficult questions about where lost revenue would be made up. "That is the biggest question on…
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