Prop 19(2020) Proposed Changes to Tax Saving Programs

On October 15, 2020 Assessor Carmen Chu presented on potential changes brought by Proposition 19 to local media. She wants to make sure eligible voters and families in our communities are aware of property tax related items on the California state ballot. These measures, once passed, may have major impacts on family financial planning in the near future. Proposition 19, also commonly known as the “Realtor’s Measure”, proposes changes to two statewide property tax saving programs: the parent-child transfer exclusion and senior assessment transfer. They are the most inquired programs in Assessor Office’s annual financial education event – the Family Wealth Forum. Assessor Chu, founder of the Family Wealth Forum, explains the proposed changes in detail.