Comment Re:Pretty simple (Score 1) 120
Easy to read "Prop 13 (1978)" between the lines, which is California specific. IIRC[citation needed], Prop 19 (2020) while eliminating inheriting the assessed value (Prop 58 (1986)) make it possible to transfer the assessed value to another property statewide (previously available only where individual counties had made agreements). Why Modoc isn't being bought up in order to transfer the assessments to Beverley Hills is a mystery.
The main impact of prop 19 is making it possible for the elderly to not be forced to move to another state if they decide to downgrade to a smaller home. It likely has minimal impact on people's ability to move closer to their jobs, because it is limited to people 55 and older, so less than a quarter of California's workforce qualifies for transferring the cost basis to a new property.
More to the point, the people most likely to change jobs are younger workers, and none of them qualify.
As for Modoc to Beverly Hills, the difference in market value is added to your assessment. So if you bought a $50,000 home in the middle of nowhere that has appreciated to $300,000, and you trade up to a $3 million home, your new tax basis value is $2.75 million ($3 million minus $300k plus $50k). So it really doesn't make much difference in that case, practically speaking.