The Five Things You Need To Know About California Property Taxes

Sean PanNov 2, 20199m 2s15.1K viewsScore 75
Regulations & Compliance
intermediate
property tax
Prop 13
Prop 60
Prop 90
Prop 58
M

Summary

AI-generated

This video explains California's Prop 13, which limits annual property tax increases to 2% of the assessed value. It also details Prop 60 and Prop 90 for seniors over 55 looking to transfer their tax basis to a new home within or outside their county, and Prop 58/193 for transferring tax basis to children or grandchildren.

Key insights

  • To transfer a tax basis under Prop 60 or 90, the replacement property must be equal to or less than the value of the property being sold.

Mistakes to avoid

  • Failing to properly handle property transfers outside of a trust can lead to the loss of stepped-up basis benefits, resulting in significant capital gains taxes and higher property taxes due to reassessment.

Tools & resources

  • How to buy your first rental property masterclasscourse

    The video mentions a FREE 'How to buy your first rental property masterclass' available via a website link.

Frequently Asked Questions

Curated by Learn STR by GoStudioM · Summary & key insights generated by AI · Reviewed by editorial