There are two primary provisions of Prop. 19. One allows for the transfer of property tax base year values from one California residence to another for certain homeowners, effective April 1, 2021. The other severely curtails the property tax reassessment exclusion for transfers of property between parents and children (and grandparents and grandchildren in very narrow circumstances), is effective Feb. 16, 2021, and will be discussed in the next column. A final column will discuss planning options.

Read More: https://www.msn.com/en-us/travel/news/prop-19-state-offers-guidance-on-new-property-tax-transfer-law/ar-BB1coSm5?ocid=hplocalnews