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November 13, 2023


Hillbilly Millionaire

Technology will greatly disrupt this industry. It’s just a matter of time. Look at what happened to the travel industry. When was the last time you used a travel agent? Of course, no comparison to selling/buying a house but you get the idea.


An SF Comicle reporter named Kellie Hwang has a column named "Hella Expensive" that is hoping to be a financial advice column. Yesterday she finally clued into the Death Tax changes:

Why the math on inheriting your parents’ California home has totally changed in past years

This is especially true in California, where a law that went into effect in 2021 has dramatically changed the inheritance math, with one estate attorney calling it the “worst thing to happen in inheritance law in California in decades.”

But a living trust does not address the complexities that have arisen with California’s Proposition 19, which went into effect in 2021 and curtailed the tax benefits on property transfers between parents and children.

Under Prop. 19, the parents’ tax basis does not pass to the child. However, if the home was the primary residence of the parent before they passed away, and the child makes it their permanent family home within one year after the property transfer, they can apply to have up to $1 million of the value excluded from reassessment. Even with this exclusion, heirs are likely to see a substantial increase in annual property taxes, amounting to thousands or even tens of thousands of dollars, Button said.

Though California doesn’t have an inheritance tax, Button said Prop. 19 has basically created one. She says Prop. 19 has made it very difficult for many people to keep inherited homes because they cannot afford the additional property taxes — and she expects this issue to become only more widespread going forward.

“Most heirs are not equipped to take on a tax bill that could potentially jump from $800 to $20,000 on the death of a parent,” she said. “It will force a lot of families out of California where, before, they would have had the chance to stay.”
We get the government we vote for and we get it good and hard.


Another reason homes aren’t selling.
Realtors pushed for this… oops.

Repeal this law for our kids.


There is an effort undeway to repeal Prop 19, assisted by HJTA. If you're inclined, sign the petition to get it on the November ballot. https://reinstate58.hjta.org/

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