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ONR 2-3-21: Prop 19: A potential disaster for Black family inherited homes and rental properties
In this News too Real segment, producer host Julia Dudley Najieb takes a deep look at the possible disastrous situation regarding the effects of new law passed as Proposition 19; Black families who own property could stand to lose their investments they have procured within their families for over decades.
The Honorable Malia Cohen representing the California State Board of Equalization, district 2 explained the severe ramifications of this law that passed at the hands of voters --perhaps many of us did not read the fine print.
Now many recipients of such property inheritances may stand to lose due to property tax debt set to change starting this Feb. 16; based on the new law, property rented and not used as one's primary residents is subject to reassessment based on the 2021 base values, not the original value of homes, even if they were bought decades ago.
The Honorable Malia Cohen representing the California State Board of Equalization, district 2 explained the severe ramifications of this law that passed at the hands of voters --perhaps many of us did not read the fine print.
Now many recipients of such property inheritances may stand to lose due to property tax debt set to change starting this Feb. 16; based on the new law, property rented and not used as one's primary residents is subject to reassessment based on the 2021 base values, not the original value of homes, even if they were bought decades ago.
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By Julia Ann DudleyIn this News too Real segment, producer host Julia Dudley Najieb takes a deep look at the possible disastrous situation regarding the effects of new law passed as Proposition 19; Black families who own property could stand to lose their investments they have procured within their families for over decades.
The Honorable Malia Cohen representing the California State Board of Equalization, district 2 explained the severe ramifications of this law that passed at the hands of voters --perhaps many of us did not read the fine print.
Now many recipients of such property inheritances may stand to lose due to property tax debt set to change starting this Feb. 16; based on the new law, property rented and not used as one's primary residents is subject to reassessment based on the 2021 base values, not the original value of homes, even if they were bought decades ago.
The Honorable Malia Cohen representing the California State Board of Equalization, district 2 explained the severe ramifications of this law that passed at the hands of voters --perhaps many of us did not read the fine print.
Now many recipients of such property inheritances may stand to lose due to property tax debt set to change starting this Feb. 16; based on the new law, property rented and not used as one's primary residents is subject to reassessment based on the 2021 base values, not the original value of homes, even if they were bought decades ago.