Prop 19: Changes to property tax rules leading with more than half of precincts partially reporting

Proposition 19, the ballot measure that would change tax assessment rules for some property transfers in California, is off to an early and narrow lead.

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As of 10:45 pm, Californians have voted 52% to approve the proposition with 77% of precincts partially reporting.

What does this mean?

Under Prop 19, homeowners who are 55 or older or who have lost a home in a natural disaster who may be afraid to move out of fear of higher property taxes can now transfer their tax assessment to a more expensive home three times (instead of the previous one-time allowance).

The measure also eliminates an exemption used when someone transfers a house to a child or a grandchild. Prop 19 says that if the child or grandchild doesn’t live in the inherited house, the tax value will be reassessed.

Revenue from the measure will also go toward establishing a new state Fire Response Fund.

RELATED: All the California propositions explained

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