A version of this article was first published on the Reinstate58.hjta.org
Proposition 19 repealed Proposition 58, a 1986 measure that passed with the approval of more than 75% of state voters after a unanimous vote of the Legislature placed it on the ballot. Prop. 58 amended the state constitution to permit parents to transfer a home of any value and up to a $1 million of other property—such as a vacation cabin, rental property or small business—without reassessment. Under Prop. 19, those properties would instead be reassessed to market value as of the date of transfer, with only limited exceptions, sharply raising the annual tax bill on long-held family properties.
Proposition 19 similarly repealed Proposition 193, passed overwhelmingly by voters in 1996 to extend the same tax treatment to transfers between grandparents and grandchildren if the children’s parents were deceased.
To read the full article, visit reinstate58.hjta.org