California dreaming TV special

[Tank]

Caught only some of it. Kinda interesting but it’s put on by the ca real estate agency group and appears to be spun to explain how ca is going to fix people fleeing the state.
Finally maybe the powers at be are getting the message?

 

[RodnJen]

I watched the first one, still need to catch the rest. The CA Real Estate lobby is spending a ton of money on this and other political initiatives. I believe they were the ones behind Prop 19 this past election cycle.

 

[grumpy88]

If houses are flying off the market at record prices why would the real estate group spend a nickel on tv adds ?

 

[RodnJen]

If houses are flying off the market at record prices why would the real estate group spend a nickel on tv adds ?

The short answer is volume. They want to keep that wave rolling. The quote below is one of the lesser addressed components of the new law. Children that inherit a property, that will not be used as a primary residence, will be reassessed at market rates. This will result in many more homes hitting the market rather than being passed down generations.

“require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred;”

California Proposition 19, Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020)

Ballotpedia: The Encyclopedia of American Politics

ballotpedia.org

 

[76 Hondo]

Taped it to watch this morning,

 

[grumpy88]

The short answer is volume. They want to keep that wave rolling. The quote below is one of the lesser addressed components of the new law. Children that inherit a property, that will not be used as a primary residence, will be reassessed at market rates. This will result in many more homes hitting the market rather than being passed down generations.

“require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred;”

California Proposition 19, Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020)

Ballotpedia: The Encyclopedia of American Politics

ballotpedia.org

Well your response makes sense to my question . Thanks

 

[sirbob]

The short answer is volume. They want to keep that wave rolling. The quote below is one of the lesser addressed components of the new law. Children that inherit a property, that will not be used as a primary residence, will be reassessed at market rates. This will result in many more homes hitting the market rather than being passed down generations.

“require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred;”

California Proposition 19, Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020)

Ballotpedia: The Encyclopedia of American Politics

ballotpedia.org

And I thought that this was another Gavin money grab... I had no idea that my friendly realtor was the one who pushed through something that would cause families to loose generational memories and history and continue to force the separation of haves and have nots.

ie the rich get richer.... the really wealthy families won’t be bothered by that new tax. The families that have worked their whole life and have a modest second home full of vacation history etc won’t be able to afford the new tax on the place they inherited, (even if paid for) and be forced to sell.

Yep - they will get more homes on the market to make commissions from... and the wealth divide will get further apart.

As they say, the rich get richer and the divide gets wider.

 

[Hammer]

The short answer is volume. They want to keep that wave rolling. The quote below is one of the lesser addressed components of the new law. Children that inherit a property, that will not be used as a primary residence, will be reassessed at market rates. This will result in many more homes hitting the market rather than being passed down generations.

“require that inherited homes that are not used as principal residences, such as second homes or rentals, be reassessed at market value when transferred;”

California Proposition 19, Property Tax Transfers, Exemptions, and Revenue for Wildfire Agencies and Counties Amendment (2020)

Ballotpedia: The Encyclopedia of American Politics

ballotpedia.org

That is a bunch of BS if you ask me. Our family will liquidate our rental properties if this comes to fruition. I’d want to keep the properties in the family for my kids, but not if this goes through....


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[sirbob]

That is a bunch of BS if you ask me. Our family will liquidate our rental properties if this comes to fruition. I’d want to keep the properties in the family for my kids, but not if this goes through....


Sent from my iPhone using Tapatalk

It passed in November ?

 

[Singleton]

It passed in November ?

yep.
51% yes, 49% no
we have started the process of moving things around due to this.
Still have an outstanding question if the homes are owned by a trust what is the impact. Or if the house is owned by an S Corp, with multiple officers what can be done to avoid it