California Proposition 19

[Collin Perry]

Here’s my scenario:

Parents have passed away and left 2 sons their primary residence (which was in a family trust). Prop 19 requires one of the sons to make the home their primary residence within a year and file exemption so it is not reassessed from base value + 1M.

Question is how long does one of the sons need to make this home their primary residence? Can they move out and make it a second home after 6 months? 1 year?

Thanks!

[Brad S.]

Quote from @Collin Perry:

Here’s my scenario:

Parents have passed away and left 2 sons their primary residence (which was in a family trust). Prop 19 requires one of the sons to make the home their primary residence within a year and file exemption so it is not reassessed from base value + 1M.

Question is how long does one of the sons need to make this home their primary residence? Can they move out and make it a second home after 6 months? 1 year?

Thanks!

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Answer to your question is

FOREVER!  and NO! to the second question.

Once the child/ren moves out, it will get reassessed. This is why people should read or understand the full propositions they vote for! This was being sold on making it easier for wildfire victims and seniors to tfr their assessed value and as usual many people were deceived and didn't understand about this part. I am very upset about this one, and even realtor associations were pushing it!
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Per CA Board of Equalization:
https://www.boe.ca.gov/prop19/#FAQs

1. Under Proposition 19, if I inherit my parent's family home and move into it, establishing it as my principal residence, must I live continually in the home to receive the parent-child exclusion? What happens if I move somewhere else?
   At least one eligible transferee must continually live in the property as their family home for the property to maintain the exclusion. Thus, once the property is no longer your principal residence, it will receive a new taxable value as of the lien date following the date you no longer occupy the property as your principal residence. The new taxable value will be the fair market value of the home on the date you inherited it, adjusted each year after for the inflation factor, and enrolled as of the lien date following the date you moved out.