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2020: A Tumultuous Year for California Property and Taxation
January 25, 2021 @ 12:00 pm – 1:15 pm
1.25 Hours MCLE; 1.25 Legal Specialization in Taxation Law
2020 was a terrible year for California property owners affected by the worst wildfires in our history and the devastating consequences of Covid-19. In November, voters narrowly approved an Amendment to our State Constitution (and narrowly defeated another) that dramatically carves back the protections of Propositions 58 & 193 for family property transfers, and whose profound consequences have not yet begun to be felt.
This webinar will explore property tax relief available now for property damaged by the wildfires, and possible relief for property values affected by Covid-19. RTC Sec. 170 provide for property tax relief due to a major “calamity” that damages or destroys real and personal property. Once a disaster is declared by the Governor, counties that have adopted an ordinance allow property owners to file a calamity application with the local assessor for a reduction in assessed value.
The webinar will then provide an in-depth explanation of the most dramatic revision to the Parent/Child exemption since the passage of Prop 13 in 1978, the modest improvements to the over-55 replacement rules, and discuss strategies that may help some families avoid or minimize the effect of the new limits on inter-generational property transfers.
Speakers: Raymond Blatt, Neil Kalin, and Steven Sorell.
Ray has more than 35 years’ experience in property tax compliance and valuation services. He served as a Senior Deputy Appraiser with the Los Angeles County Assessor before developing his practice at several major public accounting firms and more recently, into private practice at Blatt & Sorell. His clients include some of the largest fruit and vegetable growers in the Western US, vineyards, mining companies, high tech manufacturers and a major sporting and entertainment venue.
Ray earned a B.S. from Pacific Western University and received postgraduate education at UCLA.
Neil received his JD from UCLA in 1985 and was in private practice until joining the C.A.R. as associate general counsel. He has a deep knowledge of real estate law and his senior position with the 170,000-member C.A.R. provides a high level perspective on the California real estate industry.
Steve has an unusual background in both business and law. He spent many years holding senior finance and administrative positions inprivate industry before making a career change to law nearly 20 years ago. He was an associate at two global law firms before opening his own practice focused on business transactions and tax controversy issues. He earned an MBA from the University of Chicago, an MBT (Taxation) from USC and his JD from UCLA.