Advertisement
YOU ARE HERE: LAT HomeCollections

The State

March 12, 1986

The Assembly voted overwhelmingly to allow parents to transfer property to their children without an increase in property taxes. The measure, ACA 2, by Assemblyman Tom Hannigan (D-Fairfield) would amend Proposition 13 to eliminate the need for reassessment of property upon a change of ownership.

Assemblyman John Vasconcellos (D-San Jose) protested that the measure benefits only the rich who can afford to transfer property to their heirs. Currently, the ownership of property can be transferred between spouses without the need for reassessment. Hannigan said property given to children should not be reassessed because it remains in the immediate family. The proposed constitutional amendment was sent to the Senate on a 66-0 vote.

Advertisement
Los Angeles Times Articles
|
|
|