♪

[music playing] ♪ [applause] >> thank you very much. you know, i went through a tour

yesterday through the locker room. and it is the most remarkable place i've ever seen in my life. they have tvs in everybody's locker and their own shower. and a place where you can eat. two basketball courts. a place you can get a massage. a place you can get a haircut. i think the biggest problem is trying to get these guys to go home. [laughter] i'd never go home. i'd live right down there. it's so wonderful. thank you, joe. now our next speaker is a person, no pun intended, who simply has the golden touch. when it comes to building an empire in the sports and entertainment business. his basketball team, the golden state warriors, has appeared in the nba finals five consecutive seasons. his basketball team, the dodgers -- [laughter] respect, respectful, ok, baseball team -- [laughter] they've advanced to the world series each of the last two

years and his soccer team, which opened one of the most premier stadiums in this sport, currently sits in first place in its division. other than, that his teams have really struggle. co-executive chairman peter guber. [applause] >> the last time i had this feeling was a bunch of years ago. and i glanced at my watch, ran up to the bank and said thanks, thanks, thank you and sat down. i glanced at my watch. wow! the whole thing was less than 15 seconds. and i worked four years start to finish for those 15 seconds? nah, that would be a horrible life. so, today when i look around, the journey that we have when all done will be a decade and i'm going to get a little more than 15 seconds.

look around. suck it in. because your life is a series of moments strung together. i want to just enjoy this moment, seeing friends and colleagues and people that contribute to the success. my great pleasure and honor to share this day with you. yes, it will be a decade from the first whisper of joe, my great partner, who i adored, to me. just two words -- what if? and so it began. so it began. yes, it will be a decade from that first whisk broom, joe. and our personal journey of discovery began and healed by so much more and so much more to do that will fill out the decade. the calling was to build a state-of-the-art venue which required a state of the heart mission. in a world seemingly more divided than ever, our intention was to create a modern-day campfire. not just a brick and mortar building, but a place to make

us all dream to be physically together, laughing, cheering, crying, being delighted and astonished. not in individual cacophony, but experiencing the best talents in all fields together in the world and celebrate we have more in common than divided us. all of the folks who tirelessly contributed to this equation and made this happen have my utmost respect and gratitude for their talents antenasty. rick, our super, super, super, super duper leader and the best part of rick is his friendship. he comes from his heart and all the -- [applause] challenges and problems and he allows us to be the best we can be. all of you here, so many more with a cast and crew on an

uncertain journey that somehow never on budget -- and that was certainly a big source of our angst here -- but in the end, like any big movie, however expensive, no one says let's go down to the mession theater, i hear the film came in on budget. it will be the audience, you all and our public, who will determine our enterprise's true fate and value. not the cost of its brick and mortar. the audience will be shaped by your warriors, artists and performers, content aimed at the heart. this is where hits are born. not in the brick and mortar. it's in your heart. if we succeed, our audience will share their experience, telling their story which will determine the true fate and value of our entertainment. and the edifice at the center of it all. so i shout out to our new bright and shiny, make us dream again and again. thank you, all. enjoy today. it's the only one you'll ever have. [applause]

>> thank you, peter. our next speaker is someone who said 2600 days, 23 hours and 41 minutes ago when the warriors first made the announcement they were moving to san francisco that they were going to need the state of california and they were going to need him. all of that was very, very true and we thank you very much. ladies and gentlemen, the 40th governor of the state of california, gavin newsome. [applause] >> thank you very much. by the way, it's not just ahmad. haircuts and massage ?aibl they have a damn manicurist and pedicurist. i hope this team is not going soft, folks. this is a little disconcerning. five nba finals does that to you. my purpose today is twofold. one is to express gratitude and also to make a personal point.

i want to first acknowledge the extraordinary work the mayor, the mayor's office to do what she needed to do to make this date real and thank mayor willie brown for envisioning mission bay as it is today and to thank -- [applause] anita lee, who's here, on behalf of ed lee. ed lee, two and a half years ago, was just a stone's throw away at the groundbreaking. and he ended his speech talk about how much he looked forward to this day. as you know, he lost his life, but his passion is demonstrable here today and i just want to express, on a personal level, my deep gratitude to him. it was his faith and devotion to this cause that led to this moment. [applause] thank you, anita. and let me also just express on

a personal level the loss and, rick, you were kind enough to do this at the groundbreaking of jen macs. these are folks that 90% of you don't know who the hell i'm talking about. but everyone sitting here for the mayor's office, we lost jen in 2014 and she was one of the principle leaders of this effort as well. there is an old saw about san francisco that says san francisco is nothing more than 47 square miles surrounded by reality. which is a wonderful way to describe this whacky and wonderful place we call home. a city, not dissimilar to our state, of dreamers and doers and entrepreneurs, a city that prides itself on being on the leading and cutting edge. but what it was messing is what every american city in the united states had all right. and that was a venue like this that can hold 10-plus thousand people. that was the missing ingredient. so, let me just acknowledge and

applaud the extraordinary commitment the warriors come back home to make real their vision, we need to build housing like we're building arenas in this state. [applause] so let me thank you for your perseverance and for peter's passion and enthusiasm and all the community that made this real. rick, i saw meanie silver jumping up and down. she is just happy it's not at 3032. she's just happy it's down the road. so many people that made it possible, the planning commission over here and, you know, the day after labor day, the organized labor for building this arena and for all of their extraordinary talent displayed here in scale. [applause] i'll close with the final words. peter, you're right. you talk about shared experiences. we're living in a world where

people are talking down to each other, talking past each other. people are watching, you know, different tv. what i love about something like this is everybody can come together across their differences. no one cares what your position is on tariffs. no one cares what your position is on tax reform or gun control. they're just here to share that magical moment and it is to t sum total of all of those magical moments that makes life worth living. final words -- eat your heart out, madison square garden. thank you all very much. [applause] >> and any other arena that might want to think that way. [laughter] thank you, governor newsome. our next speaker is beyonce! no, wait. hold on. hold on. that's just the next speaker's

favourite performer and once beyonce starts touring again, i'm told chase center will do whatever they can do to get beyonce here. all right. ladies and gentlemen, the 45th mayor of the city and county of san francisco, london breed. [applause] >> good morning. i'm so excited to be here today to open up this new, incredible center for so many san franciscoans to enjoy for generations to come. you know, here in san francisco, we always talk about the future. well, the future is here right now and this ribbon cutting today of the world-class championship-winning golden state warriors who are going to bring the championship to san francisco. [applause] as governor newsome mentioned earlier, the vision of mission bay came forth when mayor willie brown was mayor at the time, although i still think he believes he's mayor. you remember that from when you

were mayor, right? he had a vision. and the vision was to create a new neighborhood in mission bay. and this is just really the icing on the cake. never did we imagine we would have such an incredible center. but let me just tell you a little bit about the warriors and what they did to not just come to san francisco and build a facility. they decided to come home and continue to be a part of this community. by focusing on making sure that this center was not only built by the hands of labor, but it was built by san franciscoans. [applause] and that was so important because there are people right in this community who were looking for job opportunities and they, with j.p. morgan chase, created a training academy like citiville. but it was specifically for chase center.

in fact, i was walk down the street in the tenderloin last years and ran into someone who was struggling. someone who needed a job opportunity and needed housing. the next day, josh arsay from the workforce development office picked him up personally in his car and brought him to the chase center training academy. he, along with 32 other people, graduated from that academy and i was able to go to that graduation. and on the same day, not only tell a.c. that starting next week he would be working on the chase center, but also his fellow graduates would be working on the chase center. [applause] it was absolutely incredible. this project and the doors that it opened, for opportunities to build but also for our small business community to succeed. in fact, you will enjoy the old school cafe, which is an

incredible training ground for our young people in the bayview hunter point, working at former supervisor malia cohen worked on when she was supervisor to help provide opportunities for folks right in this community. small businesss that will be located right here at the chase arena. but they went even further and they made sure that local artists were a part of this incredible facility. not just in the bay area, but in san francisco. the incredible mosaic founded in the mission in 1977. it's just really a true testament to what makes san francisco so incredible. but they went even further because they knew that transportation was going to be at the forefront of everybody's thoughts. with 18,000 [inaudible] and thousands of employees and incredible basketball players that needed to get in and out of this space, what were we

going to do to make sure that happened as efficiently as possible with over 200 events and games and all kinds of activities that would happen here? they put forward a $29 million investment in transportation, providing four new trains, providing an expanded platform, providing opportunities to work with us so that we have a ferry land, and ways to get people in and out of this space as efficiently as possible. [applause] and i want to thank all the folks who work on the transportation plan because what came out of our effort from last year is an incredible opportunity. with your ticket to any event, whether you are going to see beyonce or you are i don'ting to see the warriors, you can hop on muni for free. and i think that is absolutely outstanding and a commitment that the warriors have to making sure that this has been

a successful center and it's open and available to all san franciscoans. that's what's absolutely incredible. so, i want to thank joe and peter for their leadership and their vision and i also want to really thank them for hiring rick. because let me tell you -- mimi is jumping up and down. she only jumps up and down for rick and that is because, i remember when me and jane kim and malia were here today, we were on the board of supervisor

she only jumps up and down for rick and that is because, i remember when me and jane kim and malia were here today, we were on the board of supervisors and the work that we had to do and the process and what happens here and how rick in every single instance was basically actively engaged with wanting to be a part of the community. i'm so excited about the future. [applause] and last but not least, i want to say a few words about mayor ed lee because he was a real basketball fan and a true warriors fan. and this arena was something that he wanted to happen for san francisco. and so the work that he did, the obstacles that were overcome to allow something of this magnitude to happen and as was said before, you all know that with san francisco it is very challenging sometimes to get things done and get things built. but 100% privately financed, the work that had to go into

the approval process, both state and locally, all that had to get done in order to make this a reality. every step of the way, mayor ed lee pushed for this project to happen and i know that we would not be here today had it not been for his incredible leadership. [applause] and i know he's smiling down on us today, anita. and we want to thank you so much for being here. and at 5 '7," you couldn't tell him he wasn't taller than any other basketball player on the court. and we are truly missing him today, but we know that he is here with us. thank you to all the city departments, all the different public safety officials, all the labor folks, all the people who worked hard to make this happen. this chase center will be an incredible asset for san

francisco for generations to come and we're proud to make it a reality for so many people who deserve this incredible space. and i'll definitely be here when beyonce is performing. thank you. [applause] >> thank you very much, mayor breed. our next speaker is a person i've known for about 50 years, which is almost impossible because i'm only 39. [laughter] i'm actually surprised she is even here. according to my unconfirmed records, he has attended 91486 meetings about the new arena over the last several years working his magic behind the scenes and paving the way for this incredible moment today. he has been a part of many transformative events and league history during his hall of fame career. yes, i said hall of fame career. [applause] probably none more gratifying than the opening of chase

center. ladies and gentlemen, warriors president and c.e.o. rick welts. [applause] >> you know, by my count, i think this is the 215th time we've been together in an nba event. we never really had one like this, though, have we? oh, my.

former mayor, senator dianne feinstein took a special interest in this project. mayor willie brown, thank you for your guidance. your advice. mayor mark farrell, a wonderfully unapologetic warriors fan. now you greet me with your trademark big greek kifmsz i'm not sure which is more challenging. [laughter] to our friends in labor from day one, you saw the impact this project would have on jobs and the quality of life in our region and you gave us your support. as many as 1600 union workers a

day brought their talent, dedication and pride to this project. [applause] thanks to each of you and thanks to the president of the san francisco labor council. so many legendary leaders in san francisco helped me, this fairly new bay area resident learn the impossible nuances of politics in this place we call home. in particular, don burton and mimi silver. thank you for befriending me and sharing your wisdom. [applause] thanks to ucsf for your spirit of cooperation and community. we want to be great neighbors. we needed critical state legislation to get this project completed and that was a heavy lift. thanks to assembly member phil chang, mark leno, assembly member david chiu. then senator pro tem and now

mayor of sacramento, daryl steinberg and speaker of the assembly john paris. they worked together and showed incredible leadership in sacramento when we needed it most. back here in san francisco, we needed the support of the entire board of supervisors and, in particular, former supervisor jane kim. who always provided invaluable advice while looking out for all of her constituents here in district six. and supervisor matt haney who, today, represents district six. to the attorney dennis serara and his staff, especially jesse smith. [applause] san francisco travel. you were with us from day one. san francisco police department and chief bill scott. the san francisco fire department and chief janine nicholson with a special shout-out to the recently retired chief. [applause] the sfmta is key to us fulfilling our promise to be a transit-first destination, lead

by director tom mcwater and his predecessor. virtually every city department and every member of the leadership team touched this project in so many ways. thank you all. we're very proud of the community process today. thanks to the business and residential neighbors who attended countless meetings and provided feedback. thanks to the ocii commissioners, the staff and thed executive director and her staff. the mission bay citizens advisory committee. thank you for your tireless work. to the san francisco giants for welcoming us to the neighborhood. thanks to david manicka and will hoff for designing this incredible building and to our general contractors for building it. and just thanks to steve codda, jason elliott, p.j. johnson, sean elsburn, seth boxer and

mary murphy. and then there is our amazing staff, my teammates. enjoy this day. every one of you should be proud, knowing that you have a piece of this moment. i'm proud to be your teammate. in a city that doesn't spend tax dollar on sports facilities, founding partners take on an even more important role. building a privately financed arena would not be possible without them. at the top of that list is j.p. morgan chase. more than three and a half years ago, chase and the warriors had a shared vision and resulted in a 20-year partnership to call this building chase center. in addition to chase, since then, we have announced a list of our founding partners who, without them, this simply would not be possible. we gather here today as part of our kaiser permanente community-based partnership.

our founding partners, google cloud, h.p.e., oracle, pepsi, rakuten, ticketmaster, united airlines and verizon. together, with all of our other partners in attendance, we wants to thank you for creating this community gathering place and this performance venue that will transform the bay area. now in closing, i'd like to acknowledge a few individuals who began this journey with us that are not here to see the ultimate success of their contributions. just this past april, we lost corinne woods, the legendary community advocate and chairperson at mission bay citizens advisory committee. all of us live half in fear and half in awe of corinne. she shaped so much of this project with her efforts. [laughter] the governor mention 2014 jennifer macs lost her heroic fight with pancreatic cancer.

she was the point guard for this project and the city. and her energy, intellect and personality left an indelible impact on all of us who knew her. when that new bayfront pack opens next year, jen will be remembered with a trail named in her honor. [applause] faintly, it seems to be on a lot of our minds today. i want to acteneding no j -- acknowledge our friend and leader, san francisco mayor ed lee. it was ed lee who invited the warriors back to san francisco and it was ed lee who called this his legacy project. without ed lee, we would not be here today. his warmth, smile, his laughter made him so approachable and so genuine. he loved san francisco and the people here and we love mayor lee. let's take another look at his life. >> the san francisco mayor ed

lee continues to live on and thrive. it's a legacy that extends far beyond politics and reaching far beyond the bay area. even if you're unfamiliar with the beloved san francisco mayor, chances are his life has affected your life. for many, ed lee is remembered for being the first asian-american politician elected mayor of a major american city. but this accomplishment overshadows a long and productsive career spent advocating for the rights of everyday people in the city he loved with all his heart. his sudden death in 2017 was an unbearable loss to the entire city. today, we proudly remember his early days as a human rights activist fighting for the very city he would one day represent on issues like workers' rights, immigration and affordable housing. mayor ed lee was also a passionate, dedicated warriors fan and while the original

champions of the golden state warriors moved back to san francisco. without his support, the opening of chase center may have remained a pipe dream. ed lee always saw chase center as more than a building. he envisioned the values that a gathering place like this would bring for the entire community.

understood the importance that it would have on the future of san francisco. throughout his career, ed lee always handled himselfs with grace and dignity. his guiding principle, no matter what the issue was evident. empathy for the less fortunate. empathy for the underrepresented. and empathy for his city. while it is impossible to replace his humor, work ethic and compassion, we're proud to honor his example has been left on each of our lives. [applause] >> thank you very much, rick, for those inspirational words and such an important tribute to mayor lee. we're honored to have his wife anita lee with us here today. [applause] our final speaker is from an organization who's not only the naming rights partner of the arena, but also has the same vision and innovation as the warriors. together they have been in sync throughout the journey. ladies and gentlemen, j.p. morgan chase c.m.o. kristen limcow. [applause] >> thank you, ahmad. thanks to joe, peter, rick, all of our partners at the warriors and all the j.p. morgan chase employees who came out here today.

governor newsome, mayor breed. when j.p. morgan chase announced our partnership with the warriors and to become the naming rights partner for the chase center three years ago, we didn't just sign up to be the partner to a basketball team. even the winningest basketball team over the past five years. and we didn't just sign up to be partners with the best owners in sports or with rick, the best president in sports and we didn't just sign up to put our brand ton side of this gorgeous, most technologically advanced, most fan-friendly and all tho* those things ahmad said arena and the one worthy of being san francisco's first. we signed up to be a partner to the bay area. we get to look at a lot of these sports naming rights fields and not with what made this undeniable for us. j.p. morgan chase has been here for 130 years. we have 3,000 employees who work here. we've doubled our branch network here over the past 10 years. the c.e.o. of our consumer bank is here today. the two of us were running

around taking pictures inside like two little kids. we serve 2.5 million customers and last year we financed more than $2 billion in projects in transportation, health care and housing in san francisco and oakland alone, including 6,000 affordable housing units that were preserved or created. when we announced the chase center three years ago, we committed $25 million to the city for jobs, jobs training, small business growth, financial health and this is just the beginning for us. joe, if you remember three years ago when we announced this partnership, you said to us that this would be the best investment that we ever made. it is day one and you are already right. so i will say to you and to peter and to rick and to the fans and to the team and to the mayor and the governor, we will be the best corporate partner that you ever had. thank you so much for having us here. thank you and here's to many new memories and championships

in the chase center. it's a privilege. thank you. [applause] >> thank you very much, kristen. as she was speaking, i couldn't help but think -- because i'm old enough to remember back from what i believe was the first nba arena to have integrated naming rights partnered with like the fabulous form or the great western form. but those words, great and fabulous, don't even come close. because as i said earlier and i want to leave you with this. when i say this place is incredible, astonishing, staggering, phenomenal, spectacular, remarkable, unbelievable, out standing, impressive, extraordinary, gorgeous, breathtaking, stimulating, world-class, beautiful fantastic masterpiece, it is chase center. [applause] one more round of applause for our speakers. [applause] and now the fun really begins.

let's do what we came here to do again and cut some ribbon on this magnificent gift. ♪

[applause] ♪ whoa, oh, oh, oh ♪ whoa, oh, oh, oh ♪

♪ >> whew! [guitar solo]

♪ [music playing]

♪ ♪

♪ [bell ringing]

[music playing] [music playing] ♪ with the heart of ♪ warriors ♪ together we're ♪ victorious

♪ together we are ♪ all ♪ [drums beating] ♪ together we are

♪ voirous ♪ yeah >> announcer: ladies and gentlemen -- [♪] >> i just wanted to say a few words. one is to the parents and to all of the kids. thank you for supporting this program and for trusting us to create a soccer program in the

bayview. >> soccer is the world's game, and everybody plays, but in the united states, this is a sport that struggles with access for certain communities. >> i coached basketball in a coached football for years, it is the same thing. it is about motivating kids and keeping them together, and giving them new opportunities. >> when the kids came out, they had no idea really what the game was. only one or two of them had played soccer before. we gave the kids very simple lessons every day and made sure that they had fun while they were doing it, and you really could see them evolve into a team over the course of the season. >> i think this is a great opportunity to be part of the community and be part of programs like this. >> i get to run around with my other teammates and pass the ball. >> this is new to me. i've always played basketball or football. i am adjusting to be a soccer mom. >> the bayview is like my favorite team. even though we lose it is still

fine. >> right on. >> i have lots of favorite memories, but i think one of them is just watching the kids enjoy themselves. >> my favorite memory was just having fun and playing. >> bayview united will be in soccer camp all summer long. they are going to be at civic centre for two different weeklong sessions with america scores, then they will will have their own soccer camp later in the summer right here, and then they will be back on the pitch next fall. >> now we know a little bit more about soccer, we are learning more, and the kids are really enjoying the program. >> we want to be united in the bayview. that is why this was appropriate >> this guy is the limit. the kids are already athletic, you know, they just need to learn the game. we have some potential college-bound kids, definitely. >> today was the last practice of the season, and the sweetest moment was coming out here while , you know, we were setting up the barbecue and folding

their uniforms, and looking out onto the field, and seven or eight of the kids were playing. >> this year we have first and second grade. we are going to expand to third, forth, and fifth grade next year bring them out and if you have middle school kids, we are starting a team for middle school. >> you know why? >> why? because we are? >> bayview united. >> that's right. . >> my name is dave, and i play defense. >> my name is mustafa, and i am a midfielder, but right now, i am trying to play as a goalkeeper, because they need a goalkeeper. >> soccer u.s.a. is a

nonprofessional organization. we use sports, soccer in particular to engage communities that can benefit from quality programs in order to lift people up, helping to regain a sense of control in one's life. >> the san francisco recreation and park department and street soccer u.s.a. have been partners now for nearly a decade. street soccer shares our mission in using sport as a vehicle for youth development and for reaching people of all ages. rec and park has a team. >> i'm been playing soccer all my life. soccer is my life. >> i played in the streets when i was a kid. and i loved soccer back home. i joined street soccer here. it was the best club to join. it helps me out. >> the tenderloin soccer club started in the summer of 2016. we put one of our mini soccer

pitches in one of our facilities there. the kids who kpriez the club team came out to utilize that space, and it was beautiful because they used it as an opportunity to express themselves in a place where they were free to do so, and it was a safe space, in a neighborhood that really isn't the most hospitalable to youth -- hospitable to youth playing in the streets. >> one day, i saw the coach and my friends because they went there to join the team before me. so i went up to the coach and asked, and they said oh, i've got a soccer team, and i joined, and they said yeah, it was he for everybody, and i joined, and it was the best experience ever. >> a lot of our programs, the

kids are in the process of achieving citizenship. it's a pretty lengthy process. >> here, i am the only one with my dad. we were in the housing program, and we are trying to find housing. my sister, she's in my country, so i realize that i have a lot of opportunities here for getting good education to help her, you know? yeah. that's the -- one of the most important things that challenge me. >> my dad was over here, making some money because there was not a lot of jobs back home. i came here, finish elementary in san francisco. after that, i used to go back to my country, go to yemen, my country, and then back here. last time i went back was a couple years ago. >> i came here six months, i know nobody. now i have the team has a

family, the coaches. amazing. >> i'm hoping for lifelong friendships, and i'm super inspired by what they've been able to achieve and want to continue to grow alongside them. >> i love my family, i love my team. they're just like a family. it's really nice. >> street soccer just received a five year grant from the department of children, youth and family, and this is an important inreflection point for street soccer u.s.a. because their work in our most important communities is now known beyond just san francisco recreation and park department, and together, we're going to continue to work with our city's most vulnerable kids and teach them to love the beautiful game. >> i want to tell everybody back home, i hope you all make it over here and join teams like this like street soccer

u.s.a., and live your life. get a better life. >> right away, just be patient, and then, everything will be okay. >> hi. my name is carmen chiu, san francisco's aelectricitied assessor. today, i want to share with you a property tax savings programs for families called proposition 58. prop 58 was passed in 1986 and it was helped parents pass on their lower property tax base to their children. so how does this work? under california's prop 13 law, the value we use to calculate

your property tax is limited to 2% growth peryear. but when ownership changes, prop 13 requires that we reassess properties to market value. if parents want to pass on their home or other property to their children, it would be considered a change in ownership. assuming the market value of your property has gone up, your children, the new owners, would pay taxes starting at that new higher level. that's where prop 58 comes in. prop 58 recognizes the transfer between parents and children so that instead of taxing your children at that new higher level, they get to keep your lower prop 13 value. remember, prop 58 only applies to transfers between parents and children. here's how the law twines an eligible child. a biological child, a step child, child adopted before the age of 18, and a son-in-law or

daughter-in-law. to benefit from this tax saving program, remember, you just have to apply. download the prop 58 form from our website and submit it to our office. now you may ask, is there a cap how much you can pass on. well, first, your principal residence can be excluded. other than that, the total tap of properties that can use this exclusion cannot exceed $1 million. this means for example if you have two other properties, each valued at $500,000, you can exclude both because they both fit under the $1 million cap. now what happens hwhen the totl value you want to pass on exceeds $1 million. let's say you have four properties. three with current taxable value of $300,000 and one at $200,000, totaling $1.1 million in value. assuming that you decide to pass on properties one, two, and three, we would apply the

exclusions on a first come, first served basis. you would deduct properties one, two, and three, and you would still have $100,000 left to pass on. what happens when you pass on the last property? this property, house four, has been existing value of 2 -- has an existing value of $200,000, and its existing property value is actually higher, $700,000. as i said, the value left in your cap is $100,000. when we first figure out your portion, we figure out the portion that can be excluded. we do that by dividing the exclusion value over the assessed value. in this case, it's 50%. this means 50% of the property will remain at its existing value. meanwhile, the rest will be reassessed at market value. so the new taxable value for this property will be 50% of the existing value, which is 200,000, equaling 100,000, plus

the portion reassessed to market value, which is 50% times $700,000, in other words, 350,000, with a total coming out to $450,000. a similar program is also available for prepping transfers fl interest r from grandparents to grandchildren. if you're interested in learning more visit our website or