California E&S Insurance

California passed a constitutional amendment in the '70s preventing California from raising property taxes on any property over a very small threshold (like a few percent per year). As a result, there are many properties where the assessed tax is much, much, *much* lower than the law would suggest because the state isn't allowed to take into account the fact that the value quadrupled in the last 20 years. There are certain events at which the valuation gets reset to market price. One is at change of ownership. An exception was later passed (and then recently modified) to reduce revaluation at change of ownership for transfers from parent to child (up to $1,000,000), *but that now applies only for principal places of residence* (2020 CA Prop 19). https://en.wikipedia.org/wiki/1978_California_Proposition_13 >The proposition decreased property taxes by assessing values at their 1976 value and restricted annual increases of assessed value to an inflation factor, not to exceed 2% per year. It prohibits reassessment of a new base year value except in cases of (a) change in ownership, or (b) completion of new construction. These rules apply equally to all real estate, residential and commercial—whether owned by individuals or corporations.

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