dollars more in taxes than the previous owner.
In some cases, it is possible to obtain an exemption!
IF the heir is a child of the owner, they can apply for a Parent-To- Child exemption from reassessment. But thanks to Proposition 19, which was passed by the voters in 2020, an exemption ONLY applies if they choose to reside in the home as their primary residence. Obviously, this might become very complicated if there are multiple heirs . . . Basically, they would all have to move into the property and live together, or otherwise there will only be a partial exemption granted, which will be prorated based on the percentage of the estate that the occupant is inheriting. Note: there is a time deadline for applying for this exemption! Plus, there is also a special provision in the law that applies when the current value is more than $1,000,000 above the decedent's existing "assessed value" . . . anything above that million dollar cap WILL be reassessed in all California counties. One of the biggest changes that occurred as a result of Prop 19 is that only owner-occupied residential homes can now qualify for exemption. All rentals or commercial properties will not qualify for any exemption; they will be fully reassessed at current market value as of the date of death. This will definitely overhaul any existing cash flow equilibrium. In fact, during the past few years, since this law took effect, many heirs have been blindsided by huge, unexpected property tax bills. Especially when it's a home that they grew up in, or their parent had owned for a generation or longer. It is common to see those property tax bills increase from the low and affordable, "grandfathered in" amount of $1,500-$2,000, jump up to a whopping $15,000 or more, due to today's values. (Note: In California, if the heir is the decedent's spouse, there is normally no reassessment).
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