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Property Tax on Inherited Property

Dear Monica: I know that Prop 19, which passed in 2020, affects the amount of property tax owed by the inheritor of their parent’s or grandparent’s property. What are the current rules? Henry E.
 
Dear Henry: Prop. 19 states that a child who inherits his or her parents’ or grandparents’ property may keep the lower property tax base only if the property had been the principal residence of the parent or grandparent and the child moves into the property within one year. A form must be filed within three years claiming this exclusion from reassessment.
 
In the past, rental properties, vacation homes, or investment properties also qualified for this exclusion, but this is no longer the case.

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