Property Appraisal. Exception. Grandparent-Grandchild Transfer. Legistlative Constitutional Amendment
Official Title and Summary
Prepared by the Attorney General
Text of Proposition
- Amends State Constitution by not requiring new appraisal of real property upon purchase or transfer between grandparents and their grandchild, subject to certain conditions.
- Parents of grandchild must be deceased as of date of purchase or transfer.
- Purchase or transfer of principal residence does not qualify if grandchild alr
eady received a principal residence through previous purchase or transfer not re
quiring a new appraisal.
- $1,000,000 limit on purchases or transfers of real property not requiring new
appraisals, includes purchases or transfers between grandparents and grandchild,
as well as between parents and children.
Summary of Legislative Analyst's
Estimate of Net State and Local Government Fiscal Impact:
- Property tax revenue losses to schools, counties, cities, and special districts
of about $1 million annually.
- School revenue losses would be made up by the state General Fund.
Final Votes Cast by the Legislature on ACA 17 (Proposition 193)
Assembly: Ayes 59 Senate: Ayes 32
Noes 18 Noes 1
Analysis by the Legislative Analyst
Argument in Favor of Proposition 193
Rebuttal to Argument in Favor of Proposition 193
Rebuttal to Argument in Favor of Proposition 193
Argument Against Proposition 193
Rebuttal to Argument Against Proposition 193
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