How will proposition 19 affect me?

Well that depends. Are you someone who is expecting to inherit property from your parents? If so then you can expect to have to pay the tax on that property at the current rate. Not at the rate that has been applied by proposition 13 which says that your taxes can only go up 2% year over a year. So say your parents or grandparents have on property for years in California. When they pass on and it goes to you the tax rate would be reset rather than you being able to pay a really low tax rate based on when your in-laws purchase the property possibly decades ago. This new change applies unless you move into the property within a year. Then you can pay the old lower tax rate.

If this doesn’t fit you but you are 55 or older severely disabled, or the victims of a wildfire, then you can bring your tax rate with you wherever you move in the state up to 3 moves. This is obviously a good thing for older homeowners who want to downsize and the real estate market in general since it could free up more homes by incentivizing people over 55 to move.