FAQ from Board of Equalization re:
Since Proposition 19 did not have companion legislation that would have clarified a host of issues, the California Board of Equalization issued an FAQ to help property taxpayers navigate those new provisions. Of particular interest is the section regarding Base Year Value Transfers.
This memorandum, including questions and answers, represents the initial thoughts of the legal department of the Board of Equalization. It is merely their opinion and may be subject to change. Any seller or buyer who wishes to obtain the tax benefits of Proposition 19 for a transaction that closes prior to April 1, 2021, should be encouraged to seek the advice of a qualified California real estate attorney or tax advisor. Agents should not give legal or tax advice.