Advocacy at the South Bay Association of REALTORS®

SCA 4 (Galgiani) Property Tax Basis Portability/Intergenerational Transfer Reforms

This is a re-introduction of SCA 24 (Galgiani, 2018), which was introduced in the closing days of the 2017-18 Legislative Session. This measure includes the property tax basis portability provisions of Proposition 5 (generally, allowing senior homeowners to transfer their property tax basis to a new home regardless of location, price, or the number of previous transfers). The measure offsets that tax expenditure through reforms to the intergenerational transfer laws; namely, eliminating the transfer of real property without reassessment other than for the primary residence, requiring the heir to reside in the inherited residence, and capping the value of the exclusion on the inherited residence at $1 million.\

Status: Available Here.