Commercial Loan Corporation works with Attorneys and their clients to provide 3rd party funding to trusts and estates. By doing so, we help our clients take advantage of California Prop 58 and California Prop 19 to keep the low Prop 13 tax base paid by their parents (or grandparents).
“Proposition 58, effective November 6, 1986, is a constitutional amendment approved by the voters of California which excludes from reassessment transfers of real property between parents and children. Proposition 58 is codified by section 63.1 of the Revenue and Taxation Code.”
California Proposition 19, or the Home Protection for Seniors, Severely Disabled, Families, and Victims of Wildfire or Natural Disasters Act. Prop 19 was approved by California voters on November 3, 2020. California Proposition 19 takes effect on February 16, 2021. Proposition 19 modified California Proposition 58 by requiring that the child or children use the residence as their principal residence in order to avoid property tax reassessment. Additionally Prop 19 put a cap of $1,000,000 on the amount of property value that can be excluded from reassessment.
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Commercial Loan Corporation is the company to call if you are trying to keep your parent’s Proposition 13 tax rate. We are a direct lender and can close your loan with our own funds. You can expect:
- An easy application process
- Flexible underwriting guidelines (No credit score minimums)
- Loans closed in 7 to 10 calendar days
Call us at 877-464-1066 if you have any question on California Proposition 19, Proposition 13, Proposition 58 or to find out how much you might be able to save by avoiding property tax reassessment on an inherited home.