THE GOOD, THE BAD AND THE UGLY
Depending on the party affiliation the reader may have, they can assign the good and the bad. The Ugly has three points to it. The first part of Prop 19 is to allow tax transfer of 55 and older when buying a new home. To offset the property tax loss is the curailing of separate tax breaks to inherited property in which the heir would obtain a pass through the property tax basis of the deceased parent. This loss is estimated to bring in another $11 billion to the coffers to schools, local governments and state with a big portion of the funds going to firefighters. The transfer part is a benefit most +55 would use. Sell your Silicon Valley home to move into a planned community with Golf and senior enjoyments on average will cost less than the tax transfer benefit. So the real ploy was to get the first part of Proposition 13 cancelled out, inherited values. Next to fall is the rest of Proposition 13 on residential homes. As to the heir's loss the consequences are yet to be see
