When will the California exit tax take effect?

There is no California exit tax scheduled to take effect. While there have been legislative proposals to implement an exit tax or wealth tax in California, none have been enacted into law. Here’s a brief overview: Legislative Proposals Current Tax Obligations When Leaving California Conclusion As of October 2023, there is no scheduled California exit … Read more

How can I prevent a property tax reassessment in California?

In California, property tax assessments are primarily governed by Proposition 13, which limits annual increases in assessed value to a maximum of 2%, unless a change in ownership or new construction occurs. To prevent a property tax reassessment and maintain a lower tax base, consider the following strategies: 1. Utilize Exemptions and Exclusions: 2. Avoid … Read more

How can I avoid property tax reassessment under California Proposition 19?

California’s Proposition 19, effective February 16, 2021, introduced significant changes to property tax reassessment rules, particularly affecting transfers between parents and children. To avoid property tax increases due to reassessment under this proposition, it’s essential to understand the new regulations and plan accordingly. Understanding Proposition 19 Changes Under Proposition 19: Authoritative Source: Strategies to Avoid … Read more

What is California death tax?

California Death Tax refers to taxes imposed on the transfer of assets upon an individual’s death. These taxes typically come in two forms: estate taxes and inheritance taxes. As of my knowledge cutoff in September 2021, California does not impose a state-level estate tax or inheritance tax. However, federal estate taxes may still apply to … Read more