What is Prop 13 and why is it important?
In respect to this, what triggers a Prop 13 reassessment?
Under Proposition 13, that assessed value is determined when the property is sold or transferred, and is not changed until the property changes ownership. Creating, transferring, or terminating a joint tenancy is generally considered a “change in ownership,” triggering reassessment.
One may also ask, should I vote yes or no on Prop 13? Yes/No Statement
A YES vote on this measure means: The state could sell $15 billion in general obligation bonds to fund school, community college, and university facility projects. A NO vote on this measure means: The state could not sell $15 billion in general obligation bonds to fund education facility projects.
Considering this, does Prop 13 affect homeowners?
13) and how it affects their property taxes. Every homeowner in California, whether they purchased their home yesterday or in 1978, is protected under Prop. 13. Now, every homeowner has their property tax rate set at 1 percent of the initial market value, and any annual increase will be capped at 2 percent.
Can Prop 13 be passed on to heirs?
The parent-child tax break amended Proposition 13, the landmark law passed by voters in 1978. It's most often claimed by children who inherit property, but the parent doesn't have to be dead, and it also applies to transfers from children to parents and can be used by an unlimited number of generations.