Comparing Prop 19 with Previous California Propositions

The following is information from the California State Board of Equalization website regarding prop 19. Visit the website for more information. See all about proposition 19 in Calfornia. As noted on their site:

The information presented is intended to provide general and summary information about Proposition 19. It is not intended to be a legal interpretation or official guidance or relied upon for any purpose, but is instead a presentation of summary information. If there is a conflict between the information presented and the text of the proposition or its implementation, the text of the proposition or legal interpretation will prevail. It is highly encouraged that you consult an attorney for advice specific to your situation.

To assist taxpayers, below are comparison charts reflecting the effects of current law Proposition 19 with former propositions .

PARENT-CHILD & GRANDPARENT-GRANDCHILD EXCLUSION
	Proposition 58/193 (Former Law)	Proposition 19 (Current Law)
Principal Residence	Principal residence of transferor No value limit Residence and homesite (excess land may be excluded as “other property”)	Principal residence of transferor and transferee Value limit of current taxable value plus $1,000,000 (as biennially adjusted) Family homes and farms
Other Real Property	Transferor lifetime limit of $1,000,000 of factored base year value	Eliminates exclusion for other real property other than the principal residence
Grandparent-Grandchild Middle Generation Limit	Parent(s) of grandchild, who qualifies as child(ren) of grandparent, must be deceased on date of transfer	No change: parent(s) of grandchild, who qualifies as child(ren) of grandparent, must be deceased on date of transfer
Filing Period	File claim within 3 years or before transfer to third party	File for homeowners’ exemption within 1 year of transfer File claim for exclusion within 3 years or before transfer to third party
Implementing Statute	Revenue & Taxation Code section 63.1 (implements Propositions 58/193)	Revenue and Taxation Code section 63.2 (implements Proposition 19)
Important Dates	Through February 15, 2021	Effective February 16, 2021

BASE YEAR VALUE TRANSFER – PERSONS AT LEAST AGE 55/DISABLED
	Propositions 60/90/110 (RTC Section 69.5)	Proposition 19 (RTC Section 69.6)
Type of Property	Principal residence	Principal residence
Timing	Purchase or newly construct residence within 2 years of sale	Purchase or newly construct residence within 2 years of sale
Location of Replacement Home	Same county County with intercounty ordinance (10 counties)	Anywhere in California
Value Limit	Equal or lesser value 100% if replacement purchased/newly constructed prior to sale 105% if replacement purchased/newly constructed in first year after sale 110% if replacement purchased/newly constructed in second year after sale	Any value No adjustment to transferred base year value if the replacement property is of equal or lesser value than the original property’s market value. “Equal or lesser value” means: 100% if replacement purchased/newly constructed prior to sale 105% if replacement purchased/newly constructed in first year after sale 110% if replacement purchased/newly constructed in second year after sale Amount above “equal or lesser value” is added to transferred value
How many transfers?	One time Exception: After using once for age, second time for subsequent disability	Three times
Implementing Statute	Revenue & Taxation Code section 69.5 (implements Propositions 60/90/110)	Revenue and Taxation Code section 69.6 (implements Proposition 19)
Important Dates	Replaced by Proposition 19 (Revenue and Taxation Code section 69.6)	Effective April 1, 2021

BASE YEAR VALUE TRANSFER – INTRACOUNTY DISASTER RELIEF
	Proposition 50 (RTC Section 69)	Proposition 19 (RTC Section 69.6)
Type of Property	Any type of property	Principal residence
Timing	Purchase or newly construct property within 5 years of disaster	Purchase or newly construct residence within 2 years of sale
Location of Replacement Property	Within same county	Anywhere in California
Value Limit	Any value Amount above 120% is added to transferred value	Any value No adjustment to transferred base year value if the replacement property is of equal or lesser value than the original property’s market value. “Equal or lesser value” means: 100% if replacement purchased/newly constructed prior to sale 105% if replacement purchased/newly constructed in first year after sale 110% if replacement purchased/newly constructed in second year after sale Amount above “equal or lesser value” is added to transferred value
Type of Disaster	Disaster for which the Governor proclaims a state of emergency	Wildfire, as defined, or natural disaster as declared by the Governor
Implementing Statute	Revenue & Taxation Code section 69 (implements Proposition 50)	Revenue and Taxation Code section 69.6 (implements Proposition 19)
Important Dates	Effective July 1, 1985	Effective April 1, 2021

BASE YEAR VALUE TRANSFER – INTERCOUNTY DISASTER RELIEF
	Proposition 171 (RTC Section 69.3)	Proposition 19 (RTC Section 69.6)
Type of Property	Principal residence	Principal residence
Timing	Purchase or newly construct principal residence within 3 years of disaster	Purchase or newly construct principal residence within 2 years of sale
Location of Replacement Home	County with intercounty ordinance (14 counties)	Anywhere in California
Value Limit	Equal or lesser value 105% if purchased/newly constructed in first year after disaster 110% if purchased/newly constructed in second year after disaster 115% if purchased/newly constructed in third year after disaster	Any value No adjustment to transferred base year value if the replacement property is of equal or lesser value than the original property’s market value. “Equal or lesser value” means: 100% if replacement purchased/ newly constructed prior to sale 105% if replacement purchased/ newly constructed in first year after sale 110% if replacement purchased/ newly constructed in second year after sale Amount above “equal or lesser value” is added to transferred value
Type of Disaster	Disaster for which the Governor proclaims a state of emergency	Wildfire, as defined, or natural disaster as declared by the Governor
Implementing Statute	Revenue & Taxation Code section 69.3 (implements Proposition 171)	Revenue and Taxation Code section 69.6 (implements Proposition 19)
Important Dates	Effective October 20, 1991	Effective April 1, 2021

Note: The information presented is intended to provide general and summary information about Proposition 19. It is not intended to be a legal interpretation or official guidance or relied upon for any purpose, but is instead a presentation of summary information. If there is a conflict between the information presented and the text of the proposition or its implementation, the text of the proposition or legal interpretation will prevail. It is highly encouraged that you consult an attorney for advice specific to your situation.

Manhattan Beach	Hermosa Beach	North Redondo	South Redondo	El Segundo
Torrance	Palos Verdes Estates	Rancho Palos Verdes	Hollywood Riviera	Hollyglen
Lawndale	Hawthorne	Gardena	Manhattan Village	Rolling Hills Estates
MB Sand Section	MB Tree Section	MB Hill Section	East Manhattan	Oceanfront Homes

PARENT-CHILD & GRANDPARENT-GRANDCHILD EXCLUSION

BASE YEAR VALUE TRANSFER – PERSONS AT LEAST AGE 55/DISABLED

BASE YEAR VALUE TRANSFER – INTRACOUNTY DISASTER RELIEF

BASE YEAR VALUE TRANSFER – INTERCOUNTY DISASTER RELIEF