For Immediate Release
January 25, 2021
Contact: Regina Evans
Proposition 19's Troubling Impact on the Economic Health and Prosperity of Communities of Color and Working-Class Families
Passage of Proposition 19: What Every CA Property Owner Must Consider Before February 16th
Sacramento – Board of Equalization Member Malia M. Cohen and Board of Equalization Tax Counsel Richard Moon will discuss the immediate property tax implications to property owners intending to build generational wealth by transferring their personal residence and other owned property to their children as part of their estate planning or through inheritance. Acknowledging that communities of color and working class families in California have the majority of their wealth in their homes, Proposition 19 deep concerns. The changes resulting from the passage of Proposition 19 turns the notion of building generational wealth through your primary residence upside down and will further exacerbate wealth disparities in California.
WHAT: Board of Equalization Member Malia M. Cohen to Hold a Virtual Media Availability on Proposition 19
WHEN: Friday, January 29, 2021 at 1:00 p.m.
HOW: Platform Hosted by California Black Media
Note: To register for the virtual media availability RSVP by contacting firstname.lastname@example.org and provide the names of all participating media members to receive dial-in information and ask questions over the telephone.
BACKGROUND: On November 3, 2020, California voters approved Proposition 19. Beginning on February 16, 2021, Proposition 19 will significantly change how property tax assessments are treated.
For detailed information on the impacts of Proposition 19 on California property owners, visit the Board of Equalization website at https://www.boe.ca.gov/prop19/.
State Board of Equalization Member Malia M. Cohen represents nearly 10 million constituents residing in 23 counties in Northern and Central California, extending from Del Norte County in the north to Santa Barbara County in the south. Board Member Cohen is the youngest Constitutional Officer serving in California.
The Board of Equalization is California's statewide elected tax board. Its five members include four members elected in districts, and the State Controller. Under its constitutional mandate, the BOE oversees the assessment practices of the state's 58 county assessors, who are charged with establishing values for approximately 13.6 million assessments each year. In addition, the BOE assesses the property of regulated railroads and specific public utilities, and is responsible for the alcoholic beverage tax and tax on insurers.
Note: This news release may discuss complex tax laws and concepts. It may not address every situation and is not considered written advice. Changes in law or regulations may have occurred since the time this news release was written. If there is a conflict between the text of this news release and the law, decisions will be based upon the law and not this news release.