Inheritance Tax 2024 California. Since california lacks this tax, beneficiaries do not need to pay state tax on the value of property they inherit. Unlike the federal gift tax which focuses on lifetime transfers, the california inheritance tax primarily targets beneficiaries who receive property through an estate.
An inheritance tax, where it exists, is a tax paid by the beneficiary who receives property from a deceased person’s estate. On november 5, 2024, california voters will have the opportunity to vote on the california changes to tax assessment on inherited homes.