In this episode, we dig into Prop 19 — a game-changer for California homeowners, investors, and families looking to pass down property. Katie Smith of WFG Title, breaks it all down:
- What changed from Prop 60/90 to Prop 19
- How Prop 19 impacts property tax transfers
- Rightsizing vs. downsizing (and why words matter)
- What happens when you inherit real estate under the new law
- Why Prop 19 affects generational wealth planning
- Practical next steps if you’ve already sold or bought a home
Whether you’re planning your retirement move, helping your parents navigate their next chapter, or thinking about the legacy you’ll leave behind — this episode is essential listening.
Key Takeaways
- Property Tax Transfers: Homeowners over 55, those who are severely disabled, and wildfire victims can now transfer their property tax base to any California county — up to three times.
- Primary Residences Only: This benefit applies only to owner-occupied homes, not investment properties or vacation homes.
- Inheritance Rules Have Changed: Prop 19 limits the ability to pass on rental or secondary properties without reassessment — a huge shift in generational wealth strategy.
- Watch the Clock: You must complete the sale and purchase of your primary residences within two years to qualify.
Real-Life Scenarios We Cover
- Moving to rightsize after 55 — and keeping your low tax base.
- How wildfire victims can keep property tax rates for life, no matter how many times they move.
- What happens if you don’t know about Prop 19 and miss your window.
- How parent-to-child transfers now trigger reassessments — unless specific steps are taken.
- Why real estate is no longer the automatic generational wealth strategy it used to be in California.
Katie Smith is the Sales Director for Northern California, bringing over two decades of expertise in the title and escrow industry since beginning her career in 2000. A proud seventh-generation Oakland, CA native, Katie blends deep local roots with a passion for supporting real estate professionals. She specializes in helping agents navigate the complexities of escrow and title coverage while providing the tools and insights needed to grow their business. Known for her dedication, industry knowledge, and relationship-focused approach, Katie is a trusted partner committed to elevating client success throughout the Northern California real estate market.
~~
Because investor situations and objectives vary this information is not intended to indicate that an investment is appropriate for or is being recommended to any individual investor.
This is for informational purposes only and does not constitute an offer to purchase or sell securitized real estate investments. Such offers are only made through the sponsors Private Placement Memorandum (PPM) which is solely available to accredited investors and accredited entities.
This material is not to be interpreted as tax or legal advice. Please consult your legal or tax professional regarding your individual situation.
There are material risks associated with investing in private placements, Delaware Statutory Trusts (“DSTs”) and real estate securities including the potential loss of the entire investment principal, illiquidity, tenant vacancies impacting income and revenue, general and real estate market conditions, lack of operating history, interest rate risks, competition, including the risk of new supply coming to market and softening rental rates, general risks of owning/operating commercial and multifamily properties, short term leases associated with multi-family properties, financing risks, potential adverse tax consequences, general economic risks, development risks, long hold periods, and investors should read the PPM carefully before investing paying special attention to the risk section.
Securities offered through Concorde Investment Services, LLC (CIS) Member FINRA/SIPC. Advisory Services offered through Concorde Asset Management (CAM), an SEC registered investment advisor. Insurance products offered through Concorde Insurance Agency, (CIA). Thornwood Financial is independent of CIS, CAM and CIA.
